1. Frictional Unempl. that occurs b/c employee is looking for the BEST job –Short term unemployment
2. Structural Unemp. that occurs due to a lack of skills –ATMs put bank tellers out of work –May need to retrain to find a job
3. Seasonal Unempl. due to weather / season –EX: water park workers during winter
4. Cyclical Unempl. due to an economic downturn / recession
Unemployment Benefits Eligible if: –Need to have earned a certain amount –Lost job due to no fault of your own Laid off: lose job b/c company can no longer afford your position quit only for a very good reason can’t be fired for misconduct! –Must be looking for work!
Beni’s Get up to ½ of your salary or up to $450/week Up to 26 weeks After that you can file for an federal extension passed by Cong in 2008 (possibly up to 73 weeks)
Of the four types of unemployment, which type is most likely to be out of work for the longest amount of time?