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People are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work.
Actively looking for work may consist of any of the following activities:
Submitting resumes or filling out applications
Placing or answering job advertisements
Checking union or professional registers
Some other means of active job search
Three qualifications are required for a person to be classified as unemployed.
- When an individual does not have a job.
- When an individual has the willingness to do work.
- When a person searching job.
What is unemployment?
Unemployment mainly refers to a situation where there is the availability of a sufficient amount of workforce based on their qualifications and willingness to perform any job but the market has to lack job opportunities available to hire them.
The economic conditions play a significant role in unemployment. When the company earns less profit it will have fewer demands for a workforce which creates unemployment in the market.
Technological advancement also causes unemployment as manpower work is mostly replaced by high technology equipment that provides quick and efficient services.
Learn more about unemployment, here:
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