LABOR FORCE

Labor Force



Labor Force

An unemployment rate is the percentage of jobless individuals in a community's total labor force that is willing and able to be employed. Many people are dismissed from their jobs, by either being laid off or being fired. Workers may be laid off if companies reorganize or close down, or if employers need to reduce payroll costs. Layoffs are common during economic downturns. Workers who have been fired usually remain unemployed longer than workers who have been laid off. Economists classify unemployment into three categories, according to the causes. These categories are frictional, structural, and cyclical.

The frictionally ...