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Types of Unemployment

What Are The Types of Unemployment

What Are The Types of Unemployment

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.

Frictional Unemployment Explained

Frictional Unemployment Explained

Frictional unemployment is the technical term used to refer to individuals who describe themselves as “in between jobs.” Frictional unemployment develops among individuals who are in the middle of a transitional period between jobs or who are searching for a new job. Frictional unemployment may also be known as search unemployment, can be completely voluntary, and is completely compatible with full employment.
The most common individuals who experience frictional unemployment are graduating students or individuals, such as former homemakers, who are re-entering the job market. 
Frictional unemployment exists because individuals may be mismatched with jobs for a variety of factors, which can vary include skills, payment levels, work hours, the location of either the job or the worker, the attitude of the worker or the office, dissatisfaction, or many other factors. 
Although there is an inherent level of dissatisfaction on the part of both employers and workers, which is beneficial since it means both parties will continue to search for more efficient solutions, high turnover can be detrimental to a businesses, and severe dissatisfaction can cause a decrease in employee productivity if there is insufficient job satisfaction on the part of the employee. 
In order to minimize the impact of frictional unemployment upon the society as a whole, governmental policies may be instituted to minimize the amount of time that the frictionally unemployed remain “in between jobs.”

Youth Unemployment Explained

Youth Unemployment ExplainedTraditionally youth unemployment is at its lowest levels in the month of July. The reason there are traditionally the least unemployed workers in the youth unemployment market. Youth unemployment is classified as individuals between the ages of 16 and 24. Youth unemployment levels are affected by the large numbers of high school and college students who enter the job market between April and July of each year and take summer jobs during this time. 

The percentage of the youth population that is looking for jobs each year varies greatly in year over year comparisons; the highest percentage of the youth labor force that was looking for work was found in 1989, a peak of 77.5 percent. 

Youth unemployment and employment figures only account for the non-institutionalized members of this segment of the population as unemployed workers. 

In a year over year comparison of July 2010 youth unemployment figures to July 2009 youth unemployment figures, the number of unemployed workers rose slightly, to the highest youth unemployment figures on record since data has been accurately complies, since 1948. 

One complication in accurately determining the levels of youth unemployment that is not present when examining the volume of unemployed workers in other age brackets is the fact that individuals who are attending school are not included in the youth unemployment numbers.