1. Unemployment
Well, this isn’t fun 

2. Sure, you’re unemployed. But what kind of unemployed are you?
There are four kinds of unemployment:
Frictional
Seasonal
Structural
Cyclical
Each type of unemployment tells us something different about the economy.

3. Frictional Unemployment
Will ALWAYS exist
These are people who are taking time to find a job but have the necessary skills to get a job.
Examples include:
People taking time after graduation to find the “right” job
People changing jobs
People choosing to take time off to raise children/care for aging parents

4. Seasonal unemployment
When industries slow or shut down during specific periods of the year.
Examples include:
Construction workers
Landscapers
Snow removal workers
Migrant agricultural workers
Seasonal unemployment is expected and not cause for alarm.

5. Structural unemployment
Workers who lack necessary skills and therefore lose their jobs.
Happens when the “structure” of the job market changes
Examples:
shift from farming to manufacturing
Shift from manufacturing to service based industries

6. Structural unemployment Continued…
Causes of Structural Unemployment
1. Development of new technology
2. Discovery of new resources
3. Changes in consumer demand
4. Globalization
5. Lack of education
Some companies will offer retraining programs to help lessen the effects of restructuring.

7. Cyclical unemployment
Unemployment that rises during the bad times and lessens during the good.
Follows the business cycle
Although it is expected, it is very distressing
The Great Depression brought on great levels of cyclical unemployment

8. Measuring unemployment
The United States Bureau of Labor Statistics tracks unemployment on a monthly basis
srv/special/nation/unemployment-by-county/
Unemployment Rate represents the percentage of the labor force that is unemployed.

9. the unemployment rate
The labor force is all civilians age 16 or older who have a job or are actively looking for a job.
Those going to school or not actively seeking a job DO NOT count
Unemployment Rate:
# of unemployed____ X 100 = Unemployment Rate
# of people in labor force
When the BLS reports the unemployment rate they adjust for seasonal unemployment

10. Full employment There will ALWAYS be some unemployment
4 to 6 percent is normal
Full Employment is when no cyclical unemployment exists.
Everyone who wants a job, has a job.
This doesn’t mean they are satisfied with their job.
Underemployed—working a job for which you are over-qualified, or working part-time when you would like to be full time.
Those who would like jobs but have given up hope are known as discouraged workers.