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Recessions and Unemployment

Recessions and Unemployment. “It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.” -President Harry Truman. Labor Force. Does not include: People under 16 years old People who cannot work People who have stopped looking for work.

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Recessions and Unemployment

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  1. Recessions and Unemployment

  2. “It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.” • -President Harry Truman

  3. Labor Force • Does not include: • People under 16 years old • People who cannot work • People who have stopped looking for work

  4. Is your retired grandfather unemployed? • No- he is not looking for work

  5. Is a woman who stays home with her kids unemployed? • No- she is not looking for work

  6. An aunt serving in the Armed Forces is posted in Afghanistan. Is she considered unemployed? • No- she is not a member of the civilian labor force because she is serving in the military

  7. A thief serving time in prison lost his job when he was convicted. Is he unemployed? • No- those serving time in prison are not in the adult population and hence not in the labor force

  8. Is a full time college student unemployed? • Not unless he or she is not working and looking for a job.

  9. Unemployment should not hit 0% • Why? • Competition

  10. When the economy is strongest- unemployment should be from 3-5% • What is the unemployment rate right now? • http://data.bls.gov/pdq/SurveyOutputServlet • www.bls.gov (Bureau of Labor Statistics) they calculate unemployment rate

  11. Types of Unemployment • Structural • Industry becomes obsolete • Workers with certain skills have nowhere to go

  12. Seasonal • Landscapers, farmers, tourism jobs • Downtimes of the year

  13. Frictional • People entering job market or have decided to leave a job to seek “Greener Pastures” • Largest segment of unemployment figure during periods of strong economy, high employment time

  14. Cyclical • Industry hit hard by downturn in the economy • Auto workers laid off during recessions

  15. http://pewsocialtrends.org/pubs/733/luxury-necessity-recession-era-reevaluations (Luxury of Necessity- this is a fantastic article that goes through items that people originally reported as being a necessity, but in the recession, changed their opinion to say luxury and not necessary- I highly recommend reading this, and looking at the charts) • online.wsj.com/article/SB124096661843766403.html (you will have to copy and paste this to get to the site- article is about the Yankees lowering their prices for seats during the recession because it didn’t look good to have that many empty seats!) • http://www.goodhousekeeping.com/family/budget/deal-with-recession (This has all sorts of tips on how to save money during a recession, and even some career advice in a bad economy)

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