What are the different types of unemployment ?
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there are different unemployment like seasonal unemployment and many more pls mark me as brainlest and pls give me a thanks
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Unemployment isn't defined as a single factor. Instead, it's defined as having multiple components and multiple definitions. Three types of unemployment are most commonly referenced by economists when calculating the unemployment number - structural unemployment, cyclical unemployment, and frictional unemployment.
Structural Unemployment
This form of unemployment is largely defined as unemployment that results from perceived value and skills that an individual brings to a job against the needed, different skills required by an employer to do the job correctly. Structural Unemployment
This form of unemployment is largely defined as unemployment that results from perceived value and skills that an individual brings to a job against the needed, different skills required by an employer to do the job correctly.
Cyclical Unemployment
Cyclical unemployment is similar to structural unemployment in that the business cycle is highly dynamic too, and changes all the time. When the economy is on the upswing, companies hire more workers, and the unemployment rate spikes upward. Conversely, when the economy is spiraling downward, the unemployment rises, as companies let workers go, and stop hiring at an accelerated rate, as they would in robust economic periods.
Consider the case of auto manufacturers in the Great Depression, in the late 1920's and early 1930's. Before the stock market crash of 1929, and resulting depression, Americans were buying autos from companies like Ford Motor Co. (F) - Get Report , Chrysler (FCAU) - Get Report and General Motors (GM) - Get Report at a high rate. They could afford to do so, as the American middle class was just starting to jell, and earning good money in boom economic times.
But once the Great Depression hit, Americans focused more on keeping food on the table and bypassed large expenditures like new cars. That slashed revenues at the major car companies, who cut workforce numbers, slowed or stopped hiring altogether, and in the process, sent the unemployment rate skyrocketing.
It was only after the World War II that the U.S. economy recovered, and millions of Americans flooded auto dealerships to buy cars and trucks, putting thousands of auto workers back to work.
3. Frictional Unemployment
Short-term factors involved in figuring out the nation's unemployment rate fall under the term "frictional unemployment."
This form of unemployment relates to the jobless rate that moves upward as career professionals drift between jobs for a variety of reasons, including:
Workers who move to another state, city, or town and are looking for a new job.
Workers who leave their jobs with a goal of finding a better one.
College graduates with advanced degrees who, after earning a post-graduate degree, return to the workforce when they find a new job related to their studies.
Consider a college graduate who's spent a few years after graduation working at a financial services company as a data analyst. But that college graduate starts hearing more about artificial intelligence and after doing some research, decides that's the field for him. Consequently, he takes two years away from the workforce to earn a master's degree in science and technology, specializing in artificial intelligence.
The time spent between his last job as a Wall Street data analyst and his new job as an artificial intelligence product developer is deemed to represent frictional unemployment.
Since full frictional unemployment never goes away, it has to be factored into the national unemployment equation. Time, like money or diamonds, is a commodity, too - and taking time between jobs to get back into the workforce makes frictional unemployment a key component of the U.S. unemployment picture.
1. Seasonal unemployment
Specific industries may only be open for business at a specific period during the calendar year (think a Christmas tree seller operating out of a mall parking lot, an ice cream shop by the beach that closes down after Labor Day, or, on a larger scale, an Iowa farm that produces corn seasonally.) Unemployment for seasonal industries rises in off-peak periods, and the U.S. unemployment numbers reflect that seasonality issue in their monthly numbers.
2. Regional unemployment
Regional or even state-by-state unemployment is a big issue, as well. Agricultural, fishing, tourism, and other industries are dependent on their geographical boundaries, the weather, and consumer demand. No doubt, Southern Florida sees a drop off from tourists after mid-April, when the weather starts improving in Northern states. That leads to a drop-off in demand for in-season workers, and a higher unemployment rate for regional employees.
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