0 sats \ 0 replies \ @shado_op 14 Jan \ on: Youth unemployment: Welcome to Fiatlandia econ
Stackers should also note that most countries use the International Labour Organisation (ILO) definition of unemployment;
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"This ILO definition defines unemployed people as being:
without a job, have been actively seeking work in the past four weeks and are available to start work in the next two weeks
(Or)
out of work, have found a job and are waiting to start it in the next two weeks
This definition is used by most other countries, by the Statistical Office of the European Union (Eurostat), and by the Organisation for Economic Co-operation and Development."
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- It is likely that official unemployment always under estimates actual unemployment, because if someone is not working, and says they are not looking/available for immediate work, they are not counted as unemployed!
- It is an estimate only, not a count, as the rate is derived from a survey in most countries.
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The ILO definition means you can compare different countries' rates, which is useful, but it is obvs flawed if you want to know the 'real' unemployment rate...
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The quote comes from the UK official stats body, the ONS
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/methodologies/aguidetolabourmarketstatistics#unemployment