Introduction

Unemployment is defined as a situation where someone of working age is not able to get a job but would like to be in full time employment. Unemployment is often used as a measure of the health of the economy. The most frequently cited measure of unemployment is the unemployment rate. This is the number of unemployed persons divided by the number of people in the labor force.

The unemployment rate in Pakistan and other countries is defined as the number of unemployed people as percent of the labor force. The labor force includes the people who are either employed or unemployed, i.e. who don’t have a job but are actively looking for one. The labor force does not include people who are not looking for work, children, and the retired.

If you’re unemployed it simply means you currently don’t have a job. It DOESN’T mean you’re worthless, not a good worker or likely to have a miserable future. Far from it, in fact!

When the Government talks about ‘unemployment’ and ‘the unemployed’, it’s easy to think of people of everyone in this situation being in the same boat… Nothing could be further from the truth!

Unemployment

In economics, unemployment occurs when people are without work while actively searching for employment. The unemployment rate is a percentage, and calculated by dividing the number of unemployed individuals by the number of all currently employed individuals in the labor force. The causes, consequences, and solutions vary based on the specific type of unemployment that is present within a country.