The normal rate of unemployment around which the unemployment rate fluctuates is called the natural rate of unemployment.

Name: The normal rate of unemployment around which the unemployment rate fluctuates is called the natural rate of unemployment.
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The natural rate of unemployment is indeed the normal rate around which the actual unemployment rate fluctuates, reflecting the long-term number of people unemployed due to structural factors in the labor market, not due to short-term cyclical changes.

The Normal Rate of Unemployment Around Which the Unemployment Rate