1 / 11

Unemployment 13.1

Unemployment 13.1. Why should our nation be concerned about unemployment? Gauges the economic health of a country by tracking the number of people who are out of work. High rates can hurt the economy; Nation loses goods and services Businesses lose sales Government support of unemployed

russelllee
Télécharger la présentation

Unemployment 13.1

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Unemployment 13.1 Why should our nation be concerned about unemployment? • Gauges the economic health of a country by tracking the number of people who are out of work. • High rates can hurt the economy; • Nation loses goods and services • Businesses lose sales • Government support of unemployed • Societal consequences of unemployment?

  2. Unemployment 13.1 • Measuring Unemployment • Census Bureau conducts surveys and collects monthly information on: • How many people unemployed? • How long been jobless? • How does it affect different regions of the country? • How does it affect different industries? • Bureau of Labor Statistics publishes results.

  3. The Labor Force • Classified as part of the labor force if: • Are 16 years of age • Are actively looking for work • Worked for pay one or more hours • Worked w/o pay in family business 15 hours or more. • Have a job but did not work because of illness, weather, vacations, labor disputes. • Are not in the military or institutionalized

  4. Labor Force • Labor Force Participation Rate # of people in the labor force population

  5. Calculating Unemployment • Unemployment Rate—The % of people in the civilian labor force who are unemployed but actively seeking employment. # of people unemployed # of people in the labor force

  6. 4 Categories of Unemployment • Frictional • Structural • Seasonal • Cyclical

  7. Types of Unemployment 13.1 • Four Categories of Unemployment: • Frictional—Workers moving from one job to another job. Voluntary or involuntary. Quit (between jobs) Laid off – because of issues within the company Fired Looking for employment after a long voluntary break

  8. Types of Unemployment • Structural – Occurs when workers’ skills do not match those needed for the jobs that are now available Development of new technology Discovery of new resources Changes in consumer demand Globalization/Outsourcing Lack of education

  9. Types of Unemployment • Seasonal—Fluctuates from season to season Farming Construction Even professional athletes and teachers become seasonally unemployed. • Cyclical—Results from recessions and economic downturns. Long term pattern.

  10. Weaknesses of theUnemployment Rate • Discouraged Workers—people who once held jobs but have given up actively looking for work. However, they want to work and are open to accepting jobs that are offered. • Under-employed—Represents wasted resources and lost output. • Recent college grad who cannot find a job and must wait tables. • An engineer who works as a construction worker • A factory worker that wants full time hours but is only working part time

  11. Full Employment • Full Employment – • Approximately 4-6% unemployment rate is considered normal • Almost everyone who wants a job, has a job • When no cyclical unemployment exists • Healthy, fully functioning economy

More Related