Why is closing shops an example of structural unemployment?
Answers
Explanation:
Structural unemployment is caused by a mismatch of skills between the unemployed and available jobs. Structural unemployed is caused by changes in the economy, such as deindustrialisation, which leaves someunemployed workers unable to find work in new industries with different skill requirements.
Answer:
Structural unemployment refers to a mismatch between the jobs available and the skill levels of the unemployed. Unlike cyclical unemployment, it’s caused by forces other than the business cycle.1 It occurs when an underlying shift in the economy makes it difficult for some groups to find jobs. It is harder to correct than other types of unemployment.2
Structural unemployment can keep the unemployment rate high long after a recession is over. If ignored by policymakers, it creates a higher natural unemployment rate.
By looking into the U.S. unemployment rate by years, one can track the health of the country’s economy and get a clearer picture of how structural unemployment can occur. The chart below tracks the U.S. structural unemployment from 2002 to 2015.
Explanation:
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