Types of Unemployment.

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Presentation transcript:

Types of Unemployment

Frictional Unemployment Occurs when people try to find a job. *Not always negative. Ex. Job change Dissatisfied, Schooling, “Transitional”

Seasonal Unemployment Occurs when industries adjust to the natural seasonal production schedule. *Not always negative. Ex. Agricultural, summer, or holiday jobs.

Structural Unemployment Occurs when worker’s skills do not match the jobs that are available. *negative Ex. New technology, changes in consumer demand, globalization, lack of education.

Cyclical Unemployment Mirrors the economic cycle. Ex. Low during peak, high during recession. ”laid-off” ”down-size” ”cut-backs”

Additional Factors to Unemployment (Limitations) Underemployment Ex. PhD Flipping Burgers or Working part-time when full time is desired. Discouraged Worker Ex. Could not find a job so they gave up. These do not show up in the unemployment rate. *Worst type!

5 Year Unemployment Rate

Figuring Out the Unemployment Rate Employed: Everyone currently working including part-time workers (16). Unemployed: People looking for work or temporarily laid off from work (16). Unemployment Rate: Unemployed Labor Force (Employed + Unemployed) Labor Force: Employed + Unemployed. 11.7 (unemployed) divided by 166.9 (labor force)=.07 .07x 100 = 7% unemployment rate. 155.2 Million 11.7 Million 11.7 Million 166.9 Million

You Try Employed = 145 million The number of unemployed =9.8 million Is this a high or low unemployment rate? 9.8 = .0633 or 6.3% Unemployment Rate 154.8

Calculating Labor Force Rate Labor force participation rate: % of adult population working. number in labor force x 100 = adult population Example - 50 million employed + 5 million unemployed x 100 = 59.78% 92 million population

Unemployment Rates Vary by Ethnicity White 5.3% Hispanics 7.3% African American 11.6% Asian 5.7% Teenagers 19.1%

Classifying Unemployment Now You Try Classifying Unemployment

Year Civilian Employed Unemployed Total Unemployment Labor Force Population Rate Participation Rate 1960 117 66 4 70 5.7% 60% 1980 168 99 8 107 7.5% 64% 2000 209 135 6 141 4.3% 67%

Negative Effects of Unemployment Smaller tax base. Less gov’t revenue. More government entitlements taken.