Some key terms Unemployment rate: –the percentage of the labour force without a job but registered as being willing and available for work Labour force –those people holding a job or registered as being willing and available for work Participation rate –the percentage of the population of working age declaring themselves to be in the labour force More on labour market flows The size of these flows is surprisingly high In 1999 unemployment in the UK began at 1.29 million During the year: 3.14 million became unemployed 3.3 million left the ranks of the unemployed