Unemployment Labor force – Anyone 16+ that is willing and able to work (students, housewives and retirees either not willing or not able to work)

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Presentation transcript:

Unemployment Labor force – Anyone 16+ that is willing and able to work (students, housewives and retirees either not willing or not able to work)

Unemployment is a lagging indicator The recession started in December 2007 but unemployment did not start to rise until 6 months later. When the recession is over, it will take about 6 months for unemployment to begin to drop. Why?

Frictional rate of unemployment  It takes time to find a job.  In a market economy, 0% unemployment is not possible  4 ½ - 5% is the natural rate  The natural rate will always exist as long as people have choice.

Cyclical rate of unemployment  Job loss depending on cycle of business (new home sales are down so construction workers are laid off. When sales pick up, they will be hired back)  Could be seasonal (ski resort)

Structural unemployment   Unemployed because skills no longer meet job requirements  There are jobs out there but your skills do not match job requirements  Requires retraining in another line of work (more an educational issue than an economic one)

 A computer programmer is laid off because of a recession  A literary editor leaves her job in New York to look for a new job in San Francisco.  An unemployed college graduate is looking for his first job.

Seasonal Unemployment  Ski Resort  Lifeguard  Farmer  Season ends and you are out of work until the next season

 Underemployed – not employed to your full potential (working part time when you want full time, working a job for less money because you can’t find a job that fits your qualifications)

 Advances in technology make the assembly-line worker’s job obsolete.  Slumping sales lead to the cashier being laid off.  An individual refuses to work for minimum wage.

 A high school graduate lacks the skills necessary for a particular job.  Workers are laid off when the local manufacturing plant closes because the product made there isn’t selling.  A skilled glass blower becomes unemployed when a new machine does her job faster