Macroeconomics Unemployment. Unemployed Population = 315 m Military, Institutionalized, Disabled = 8 m Retired = 70 m Children = 70 m Not Interested =

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Presentation transcript:

Macroeconomics Unemployment

Unemployed Population = 315 m Military, Institutionalized, Disabled = 8 m Retired = 70 m Children = 70 m Not Interested = 15 m Employed = 135 m Unemployed = 15 m

Unemployment Rate Percentage of the population who are willing and able to work but are not currently able to find a job. Today’s numbers  2010 = 15 m / 150 m = 10%  2012 = 7.7%, +350,000 jobs, 58.7% population  2013 = +165,000 jobs in April, 7.6% currently Normal rates between 3-5 % 0% unemployment?

Reasons for unemployment Frictional Unemployment Seasonal Unemployment Cyclical Unemployment Structural Unemployment

Frictional People are between jobs Temporary Few people Not a concern

Seasonal Out of work due to seasonal conditions Temporary Planned for Few people Not a concern

Cyclical People who have lost their job on account of downturns in the business cycle Normal flow of the economy Market conditions, S&D Downsizing Problem faced by the US

Structural People are not qualified for the jobs that are available Huge problem for less developed countries Takes generations to correct Build infrastructure

Underemployment Workforce is overqualified for the jobs available Degree inflation Settle for something less

Reflection Given your new understanding of what unemployment is and the reasons for it, what solutions would you suggest to decrease the unemployment rate in the US today?