Macroeconomics › Section H · Unemployment › Topic H.1
Defining and computing the unemployment rate
The unemployment rate is one of the most watched numbers in economics, and a change of a tenth of a point can move markets. Reading it well means knowing exactly who counts as unemployed, who does not, and how the figure is collected.
In this topic
- Why one number matters
- Three groups, not two
- The key formulas
- Worked example: the United States in 2025
- Worked example: when the rate falls for a bad reason
- Hidden unemployment
- Broader measures: U-3 and U-6
- How the numbers are collected
- The payroll survey and other limits
- Common mistakes to avoid
- Key takeaways
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