I can identify the different types of unemployment.

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Presentation transcript:

I can identify the different types of unemployment.

Cyclical Unemployment Cyclical unemployment is due to a downturn in overall economic activity. If the economy expanded again, these workers would be able to go back to work. Short or Long Run? Short Example: Thousands of restaurant workers lose their jobs because a recession has reduced the number of consumers who can afford to eat out.

Frictional Unemployment Frictional unemployment is when people are graduating from high school or college, looking for better working conditions, or seeking a higher wage. Short or Long Run? Long run Example: In May, thousands of college graduates enter the labor market looking for their first professional job. This happens every May, year after year.

Structural Unemployment Structural unemployment is when people are unemployed because their human capital does not match the needs of employers hiring in the labor market. Short or Long Run? Long run Example: Thousands of high school students graduate without the literacy and math skills needed by the labor market. This happens every year.

Seasonal Unemployment Seasonal is a subcategory of structural unemployment. Seasonal unemployment is when people are unemployed because their employers need their type of human capital during only one part of the year. Short or Long Run? Long run Example: Agricultural workers seek new jobs when the harvest season is finished.