unemployment:

... a condition that exists when a laborforce has workers able, ready and willing to accept employment but have no jobs. Employment is the activity to which one devotes time or work in which one is engaged as an obligatory service performed, typically in exchange for wages under a contract of hire; therefore, one who is unemployed is said to be disengaged from an activity, work or job. Unemployable is a condition that exists when a person is unqualified or otherwise not acceptable to perform an activity or do a job to the extent that he or she is unable to find work. In other words, the unemployable in a labor force have no marketable skills.

The words employment and unemployment and may be used when providing information about an area in terms of percentages or numbers of people gainfully employed or, conversely, not in its workforce. As such, employment and unemployment shows up in location data. A tight labor market is generally indicated by a statistical reporting of less-than-3% unemployed because some people in a laborforce may be unemployable.

unemployment insurance:

... A promise of compensation for a future job loss arranged by government through an employer taxation program. It is designed to protect the financial well-being of workers by helping them move through transitions brought about by layoffs, downsizings, job terminations or firings. Payments to the unemployed are intended to tide them over financially for a limited time while they job search. Unemployment insurance programs mean employers have the expense of paperwork in addition to paying taxes. Tax rates as a percentage of total payroll may be lower for employers, however, with records of avoiding layoffs. In any event, the processing of unemployment claims keeps government workers on the job without concern for the significant financial burden a program may place, say, on small businesses.

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FYI: definition of employment; definition of unemployment; definition of unemployment insurance; definition of unemployed; definition of unemployable; what does it mean to be unemployed; what is unemployment insurance