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Labour market slack - unmet need for employment - Monthly 2003-2024

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3/27/2024
Number and rate
2003-2024
VIN00004
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On 25 February 2021 the monthly timeseries for the Labour Force Survey from 2003 were updated where new survey weights and population estimates were used. The labour market slack refers to the total sum of all unmet demands for employment and includes four groups: (1) the unemployed people according to the ILO definition, (2) the underemployed part-time workers (i.e. part-time workers who wish to work more), (3) people who are available to work but not searching for it and, (4) people who are searching for work but are not available for it. While the first two groups are in the labour force, the last two, also referred to as the potential additional labour force, are both outside the labour force. For this reason, the “extended labour force”, composed of both the labour force and the potential additional labour force, is used in this analysis.
The labour market slack is the percentage of this extended labour force.