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Types of Unemployment

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.

Understanding Seasonal Unemployment

Understanding Seasonal UnemploymentSeasonal unemployment is a specific sub set of unemployment that develops when a particular labor market is unable to match the supply for jobs with the corresponding demand. Seasonal unemployment is closely related to both structural and frictional unemployment. Whereas frictional unemployment is temporary, and structural unemployment is of a longer duration, seasonal unemployment is different in that it affects segments of a population for a specific, regularly recurring period of time each year. 

Common examples of seasonal unemployment include the fact that school bus drivers may experience unemployment when school is out of session, even if they have a promise of continued or renewed employment when the school year begins again the following year. Seasonal unemployment can also include construction workers who can have difficulty finding construction jobs or projects when the weather turns colder. Migrant farm work may cause individuals to be out of work for a specific period of time, even if there is an expectation that the workers will be able to find work if they move to work at another place that will need their work skills. 

Seasonal unemployment figures do not account for individuals who have taken seasonal jobs in order to obtain any income even if they prefer jobs that are permanent or full time. 

Most unemployment figures account for predictable unemployment by excluding seasonal jobs that typically experience cyclical levels of employment. An unemployment measure that accounts for these seasonal unemployment figures is said to have used “seasonal adjustment techniques.

Look Into Cyclical Unemployment

Look Into Cyclical Unemployment

Cyclical unemployment statistics are a specific type of unemployment statistics which indicates that a specific type of unemployment has occurred because there is not enough aggregate demand for jobs or goods in the economy. Cyclical unemployment obtains its name because it varies with the business cycles changes. These unemployment statistics can be persistent, which was one of the contributing factors to the development of the worst international unemployment statistics in history, the Great Depression. 
The development of cyclical unemployment develops during the recession portion of a regular business cycle happens and wages do not fall to meet the equilibrium level. A certain level of cyclical unemployment is good for the economy, since it can cause greater complication for a more limited number of jobs. However, if the cyclical unemployment statistics indicate that the fluctuations happen to rapidly, it can have a drastic impact on unemployment statistics. 
Cyclical unemployment is also known as Keynesian unemployment, since it is one of the defining issues which Keynesian economists seek to address. Keynesian economic policy states that the best way to address imbalances of cyclical unemployment is to increase government deficit spending or adopt expansionary monetary policy in order to address industrial capacity which is not being used to its full potential, resulting in unemployed capital goods. 
Cyclical unemployment statistics are exacerbated by the fact that even if all job opening were to be filled, there would still be unemployed individuals. 
Cyclical unemployment is not recognized by economists who adhere to the theories of classical economics.