Unemployment

Unemployment occurs when people who want to work cannot find a job. However, not everyone without a job is considered unemployed. To be officially unemployed, a person must be of economically active age (an adult) and actively looking for work. Business closures, fewer job opportunities, or changes in the economy can lead to unemployment. When many people are unemployed, families have less money to spend, which can hurt the economy. It’s also important to note that unpaid domestic work, such as taking care of children or elderly relatives, is often not counted as unemployment in national accounts, even though it involves a lot of work and effort.