What is Unemployment? The condition of those who are willing and able to work and are actively seeking work, but who do not currently work. Working age.

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Presentation transcript:

What is Unemployment? The condition of those who are willing and able to work and are actively seeking work, but who do not currently work. Working age is 16 years old.

Unemployment (Continued) Excludes armed service or in institutions such as prisons and mental hospitals. Survey of 60,000 households

Unemployment Rate The percentage of the total labor force that wishes to work but cannot find a job. Unemployment / Total Labor force.

Unemployment (Continued) If you have any type of part time job, you are not considered as part of the unemployment rate.

Types of Unemployment

Frictional Unemployment Unemployment of people who are temporarily between jobs.

Seasonal Unemployment Unemployment of people who are out of work because of factors that vary with the time of year.

Cyclical Unemployment Unemployment resulting from too low a level of aggregate demand. (Demand Deficiency Unemployment)

Structural Unemployment Unemployment resulting from skills that do not match what employees require or from geographically separated from job opportunities.