Como fazer o evento 'focusout' de um input?

Resposta para o StackOverflow

HTML

<script src="https://code.jquery.com/jquery-2.2.0.min.js"></script>
<form action="/" class="search">
    <fieldset>
        <label for="pesquisar" id="meuLabel">
            <span>Buscar</span>
        </label>
        <input type="text" name="s" id="meuInput">
        <button type="submit" class="send-search">OK</button>
    </fieldset>
</form>

JavaScript

$(function(){
	
	var label = $('#meuLabel'),
    	input = $('#meuInput');
	
    input.hide();
    
    label.on('click', function(){
        input.show();
    });
    
    input.on('focusout', function(){
    	$(this).hide();
    })

});