Frictional Unemployment
Frictional unemployment is the type of unemployment that exists when an individual is not happy with the job they have, and begins to look for additional work. A person who is in the position of being ‘in between jobs’ can be a beneficial type of unemployment since frictional unemployment can cause individuals to find jobs that better suit their skills and which will result in greater satisfaction for themselves and better production for the company.
Youth Unemployment
Youth unemployment accounts for the number of unemployed workers between the ages of sixteen and twenty four. Obtaining accurate numbers for youth unemployment and the volume of unemployed workers is complicated by the fact that individuals who are in school are usually not counted against youth unemployment figure. Youth unemployed workers usually drop to their lowest levels in July, as “summer jobs” are filled.
Seasonal Unemployment
Seasonal unemployment is often excluded from general unemployment figures because unemployment figures exclude seasonal jobs, such as school bus drivers during the summer, migrant farm workers outside of planting or harvesting seasons, or construction workers when construction jobs are postponed for weather related reasons.
Cyclical Unemployment
Cyclical unemployment statistics are also known as Keynesian unemployment statistics. Cyclical unemployment is not recognized by classical economic theory. The unemployment statistics that result from cyclical unemployment is exacerbated by the fact that even if new positions were to be created, there would still be many individuals who remained out of work.
