JOBLESS RATE Meaning and
Definition
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The "jobless rate" refers to a fundamental economic indicator that measures the percentage of individuals in a specific population who are actively seeking employment but have not been able to secure a job. Also known as the unemployment rate, it serves as a crucial barometer to assess the health and dynamics of a country's labor market.
The jobless rate is typically calculated by dividing the number of unemployed individuals by the total labor force and multiplying the result by 100. The unemployed category includes those who are able and actively seeking employment yet are without a job. The labor force comprises both the employed and the unemployed individuals who are part of the working-age population and seeking work. The data for determining the jobless rate is often collected through surveys, and it is generally updated on a regular basis, such as monthly or quarterly.
The jobless rate is widely used to evaluate the economic performance, overall stability, and progress of a country or region. Policy-makers, economists, businesses, and individuals utilize this indicator to gauge the level of unemployment and understand the severity of joblessness within a specific economy. Additionally, it helps in analyzing the impact of government interventions, economic policies, and fluctuations in the business cycle on the overall employment scenario. A lower jobless rate usually signifies a healthier economy, higher workforce participation, and increased job creation, while a higher rate indicates economic hardships, limited job opportunities, and potential social challenges.
Common Misspellings for JOBLESS RATE
- hobless rate
- nobless rate
- mobless rate
- kobless rate
- iobless rate
- uobless rate
- jibless rate
- jkbless rate
- jlbless rate
- jpbless rate
- j0bless rate
- j9bless rate
- jovless rate
- jonless rate
- johless rate
- jogless rate
- jobkess rate
- jobpess rate
- joboess rate
- joblwss rate
Etymology of JOBLESS RATE
The word "jobless" is derived from the combination of "job" and the suffix "-less", which is used to indicate the absence or lack of a particular thing. "Job" itself has its origins in the Old English word "gār", meaning "piece of work". Over time, "gār" evolved into the Middle English word "jobbe", which referred to a task or specific piece of work.
The term "rate" in the context of "jobless rate" refers to a proportion, ratio, or percentage of a specific thing. It is derived from the Old French word "rat", meaning "proportion" or "share", which ultimately comes from the Latin word "ratus", meaning "reckoned" or "calculated".
When combined, "jobless rate" simply refers to the proportion or percentage of individuals who are without employment at a given time.
