Is the unemployment rate based on the number of people who are currently collecting unemployment payments? If not, what other factors are included?
In: Economics
Unemployment rate is based on number of people wanting to/actively seeking work who are not doing so. So a person who’s been unemployed long enough to run out their unemployment payments but is still looking for job still counts. A new college grad looking for first job counts. The mother looking to re-join the workforce after taking time off to raise kids counts. The former freelancer or gig worker now looking for a regular job counts. None of those people would be collecting unemployment checks.
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