The UK &ndash like most countries &ndash excludes “inactive workers” (students, new parents, people who don’t want a job) from its unemployment figures, but “inactive” is such a slippery concept that it can paper over huge cracks in the labor market.
The official UK unemployment rate is 4.5%, the lowest its been since the 1970s. The true rate is more like 14% or higher. The dark matter of UK unemployment is about what you’d expect: people in the “gig economy” who hate it, people on zero-hours contracts or in part-time work who want full-time work.
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