civilian unemployment rate

Definition

The number of unemployed people divided by the total size of the labor force, expressed as a percentage. People who are jobless, looking for jobs, and available for work are considered unemployed. The labor force is defined as people who are either employed or unemployed.

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In November of 2014 the civilian unemployment rate was recorded at 5.80 %, being the average since its been recorded.

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Often a measure of economic progress, the civilian unemployment rate has been trending downward lately, which is a good sign.

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The civilian unemployment rate reached an all time high during George W. Bush's presidency and did not improve significantly until Barack Obama's second term.

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