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Employment and unemployment
- 1. EMPLOYMENT AND UNEMPLOYMENT DEBUQUE, A.C 4BSED- SOCIAL STUDIES
- 3. Types of Unemployment Frictional Unemployment Seasonal Unemployment Structural Unemployment Cyclical Unemployment
- 4. Frictional Unemployment Isshort-term joblessness experienced by people who • are between jobs • are entering the labor market for the first time • are entering the labor market after a long absence (Examples)
- 5. Frictional Unemployment “short-term” Results: Causeslittle hard ships (why?) Can get important benefits Spend time searching for jobs that are suitable and will make the employees be more productive They can earn higher incomes Firms have more productive employees Society has more goods and services POSSIBLE?
- 6. Seasonal Unemployment Isjoblessness related to changes in weather, tourist patterns, or other seasonal factors (Examples)
- 8. Seasonal Unemployment “short-term”and predictable Results: • Positive: workers are often compensated in advance • Negative: they complicates the interpretation of unemployment data (most applicable to countries with 4 seasons)
- 9. Structural Unemployment Isjoblessness arising from mismatches between workers’ skills and employers’ requirements or between workers’ locations and employers’ locations (Example)
- 10. Structural Unemployment Long-termproblem, often lasting several years or more. WHY?
- 11. Types of Unemployment FrictionalUnemployment Seasonal Unemployment Structural Unemployment Microeconomics? Or Macroeconomics? WHY?
- 12. Cyclical Unemployment Isjoblessness arising from changes in production over the business cycle (Examples)
- 14. Actual Previous HighestLowest Dates Unit Frequency 7.00 7.50 13.90 6.30 1994 - 2014 Percent Quarterly
- 15. Unemployed persons inApril of 2014: Sex: 61.7 percent were males 38.3 were females age group: 15 to 24- 49.8 percent 25 to 34- 30.5 percent educational attainment: college graduates- 22.4 percent college undergraduates- 14.5 high school graduates- 32.7
- 16. The employmentrate in April of 2014 is estimated at 93.0 percent and the number of employed persons rose to 38.66 million, from 37.01 million recorded a year ago. The labor force participation rate is estimated at 65.2 percent.
- 18. The Philippineshas the highest unemployment rate among members of the Association of Southeast Asian Nations (Asean), according to a report of the International Labor Organization (ILO) published in 2014. This reflects the fact that employment is not expanding sufficiently fast to keep up with the growing labor force Philippine unemployment rate since 2005 has remained around the 7-8 percent range.
- 21. The Costs ofUnemployment Economic Costs Broader Costs
- 22. Economic Costs Opportunitycost of lost output- the goods and services the jobless would produce if they were working, but do not produce because they cannot find work
- 23. “When there iscyclical unemployment, the nation produces less output, and so some group or groups within society must consume less output.”
- 24. Broader Costs Costsof unemployment that go beyond lost output The human costs that we do not measure in peso Unemployment causes: Psychological and physical effects (what are they?) problem in achieving important goals
- 25. How unemployment ismeasured? Formula: Unemployment rate= Unemployed/ Labor force or Unemployed (Unemployed+Employed)
- 26. Problems in MeasuringUnemployment The treatment of involuntary part-time workers (individuals who would like a full-time job, but who are working only part time) The treatment of discouraged workers (individuals who would like a job, but have given up searching for one) WHY? Problem? Determining which ones.
- 27. Remember, a personis counted as unemployed if he or she did not work in the past week, but took some active steps to look for work in the past month.
- 28. What is theimportance of unemployment rate? To know the number of people who are searching for jobs, but have not yet found them It also tells us something unique about conditions in the macro- economy
- 29.