Unemployment Rate It is the % of workers (over the age of 18) in an economy that do not have a job, and are actively looking for a job The government of.

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Presentation transcript:

Unemployment Rate It is the % of workers (over the age of 18) in an economy that do not have a job, and are actively looking for a job The government of each country calculates this by taking polls of people and businesses

When do we see high unemployment and low unemployment? A low rate of unemployment is GOOD, and we see it when the economy is doing well and inflation is not a problem A high unemployment rate is BAD and happens when we have a recession, and it takes a while for the unemployment rate to start falling again

US unemployment rate, 1965 to present states/unemployment-rate states/unemployment-rate THE SPIKES UP REPRESENT THE TIME WE HAD A RECESSION, THEN THE SLOW DECLINE IN UNEMPLOYMENT RATE REPRESENTS GROWTH PHASES Other statistics for future classes

Types of unemployment Frictional – the normal movement of various workers from one job to another, it happens in every country Seasonal – If there is a rainy season or very cold winter, there will be less economic activity during that time, more unemployment Cyclical – MOST IMPORTANT TYPE - When unemployment increases due to a recession Structural – when people do not have the proper training to get a new job after their job has been changed or eliminated due to new technology