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Unemployment

Unemployment. Economics Monday, October 26, 2009. Annual Unemployment Rates. Measuring Unemployment: A Labor Market Mystery, 2001. The Bureau of Labor Statistics Reported Today That: Unemployment increased in January.

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Unemployment

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  1. Unemployment Economics Monday, October 26, 2009

  2. Annual Unemployment Rates

  3. Measuring Unemployment: A Labor Market Mystery, 2001 The Bureau of Labor Statistics Reported Today That: • Unemployment increased in January. • The number of unemployed rose by about 300,000 to nearly 6.0 million, pushing the unemployment rate from 4.0 to 4.2 percent. • Payroll employment rose by 268,000 jobs. • Construction employment alone increased by 145,000. • How can the unemployment rate increase when more people are getting jobs?

  4. True or False? • Employed people are people with jobs. • Unemployed people are people without jobs. • The civilian labor force is the number of people aged 16 years and older who are not in the armed forces.

  5. Employment Definitions • The Bureau of Labor Statistics is the govt agency that tracks the number of people who are employed and unemployed. • The civilian labor force is the number of people aged 16 years and older who are not in the armed forces and who are employed or seeking employment. • Employed people are people with jobs. • The unemployment rate is the percentage of the civilian labor force that is unemployed.

  6. Types of Unemployment • Frictional Unemployment • Workers who are in the process of moving between jobs, entering the labor force for the first time, or reentering the labor force after a voluntary absence. This type of unemployment is usually short in duration. • Structural Unemployment • Workers who are unable to accept available jobs because they lack the necessary skills. This type of unemployment is usually of long duration. • Cyclical Unemployment • Workers who are laid off when the overall economy suffers a downturn. They expect to be rehired when the economy improves.

  7. Do Activity 1:Examples of Unemployed Workers

  8. Government Policies/Programs to Reduce Unemployment • Frictional Unemployment • Job Information • Employment Services • Structural Unemployment • Educational Subsidies • Job Training/Retraining • Wage Subsidies/Employment Tax Credits • Equal Employment Opportunity Laws • Public Service Employment • Cyclical Unemployment • Fiscal Policy • Monetary Policy • Public Service Employment • Wage Subsidies/Employment Tax Credits

  9. Unemployment Skits • Groups of 4-6 people • Create a skit that illustrates your type of unemployment and a type of government intervention that might help reduce that type of unemployment. You must also incorporate your “wild” words into your skit.

  10. Unemployment Skits (cont’d) 3. You and your skits will be graded on the following: • Preparation – How well did you use your class time? • Participation – Everyone in the group must say at least one line. • Accuracy • Was the rest of the class able to figure out which type of unemployment you were illustrating? • Was your example appropriate? • Did you show the correct type of govt assistance? • Did you incorporate all your “wild” words? • Creativity – Your ideas need to be original and not copied from our class examples. • Length – Your skit should be at least TWO minutes in duration.

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