What term describes a condition in which a person is without a job or source of income?

The term that describes a condition in which a person is without a job or source of income is unemployment. This term specifically refers to individuals who are actively seeking work but are unable to find a job. Unemployment is a key economic indicator and is often used to gauge the health of an economy. It can encompass various scenarios, including those who have been laid off, those who have voluntarily left a job but are seeking new employment, and new entrants into the workforce who are looking for their first job.

In contrast, employment refers to situations where individuals are engaged in productive work and earning an income, while underemployment captures a scenario where individuals may be working but not to their full capacity, often in jobs that don't utilize their skills or provide sufficient hours. Joblessness, while similar, is less formal and lacks the specific implications surrounding the active search for work that comes with the term unemployment. Thus, unemployment is the most precise term in this context.