Unemployment Rate.
The unemployment rate is essentially the percentage of working-age people (15 years and above) who are demanding work but not able to get a job.
Both aspects of the definition are important. To be counted as an unemployed person one has to both “demand” work – that is, be part of the labour force – and then fail to get a job.
As such, the unemployment rate is calculated by looking at the labour force – that is, all the people of the working age who are demanding work – and then finding out what percentage of them are unable to land a job. That percentage is the unemployment rate.
– Indian Express article.
( The figures are from 2022.)
