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Transcript of Unemployment
and Olivia Rogers Unemployment Unemployment is the inability of labor-force participants to find jobs. What is
Unemployment? - Seasonal Unemployment
- Frictional Unemployment
- Structural Unemployment
- Cyclical Unemployment
- Technological Unemployment Types of Unemployment The overall economic goal of the U.S. economy is for full employment.
Full employment is defined as the lowest rate of unemployment compatible with price stability; usually between 4 and 6 percent unemployment.
As the economy nears full employment, rising prices may occur. Full Employment The solution to Unemployment is to
create more jobs in the US and reduce foreign trades. Depending less on other countries will help benefit our economy by keeping the US money in the US. Solutions to
Unemployment The unemployment rate is the proportion of the labor force that is unemployed. To calculate the rate, you need to know the number of people unemployed and the number of people in the labor force.
Unemployment rate =
number of unemployed people / labor force
8,800,000 unemployed / 147,000,000 civilian labor force = 6.0% unemployment rate. What is Unemployment
Rate? Seasonal Unemployment Frictional Unemployment Technological Unemployment Cyclical Unemployment Structural Unemployment Types of Unemployment Unemployment
Rates Decatur,Al- 7.1%
United States- 7.6% Effects of
Unemployment unemployment due to seasonal changes in employment or labor supply brief period of unemployment experienced by people moving between jobs or waiting to get into a new one unemployment caused by a mismatch between the skills or location of job seekers and the requirements or location of available jobs. unemployment caused by a lack of job vacancies; an inadequate level of aggregate demand. unemployment caused by technological developments or automation that makes some workers' skills obsolete. Underemployed Phantom Employed Individuals who are either working part-time and seeking full-time employment, or are employed at jobs below their capacity. When people indicate that they are actively seeking employment but are not really interested in finding a job. Unemployment Checks Your unemployment check, which is a debit card or an online transfer to your bank account, depends on your weekly earnings prior to being laid-off and on the maximum amount of unemployment benefits paid to each worker. Regardless of how much you make, you can never collect more than the state maximum. Alabama Unemployment
Benefits -Percentage of Wages Covered By Benefits: 27.7%
-Average Weekly Benefit Amount: $206
-Percent Unemployed Receiving Benefits: 27% Reasons for Unemployment Fewer New Job Openings Higher Taxes Lack of Real Growth Chinese Job Grab Government Sector Layoffs The number of new job openings in the country crashed to below 3 million jobs whereas there used to be 4.5 million new openings. The amount of job opening needed to reach full employment are not happening each month. Government sector jobs, which are considered the safest are continually cutting jobs. Businesses pay more taxes in the United States than anywhere else in the world. This means many businesses are pushed out of the country,which causes jobs to vanish. The low labor costs in China are moving thousands of jobs into China and away from the U.S. each year. Future Employment Woes Less Overall Spending Psychological Effects Community Ripple Effects The longer someone is unemployed, the more difficult he'll likely have getting out of the unemployment rut. Also, the longer you are unemployed, the less attractive you might be to future employers. When people have less money to spend because of unemployment, other companies suffer from less consumer demand. Then, when companies suffer because of lost business, they might in turn be forced to make layoffs of their own, making the unemployment rate rise and overall spending drop even more. People experiencing chronic unemployment might become anxious or depressed, and have trouble sleeping. Women are more likely to report physical symptoms of stress, including irritability, anger, fatigue, and lack of interest or motivation.Prolonged unemployment also has a negative overall effect on a person's sense of self-worth. When people are unemployed, they likely will have difficulty paying their mortgage, which could result in foreclosure. Foreclosed homes, neglected properties and vacant houses often lower the property value of homes that remain occupied. Requirements for Unemployment Benefits Unemployment benefits are available for workers who are unemployed through no fault of their own. There are eligibility requirements to qualify for unemployment benefits including working a certain number of weeks for a certain number of hours each week.Eligibility requirements to qualify for unemployment benefits vary between each state. Reasons for Not Qualifying for Unemployment Benefits -Fired for misconduct
-Quit without good cause
-Resigned because of illness
-Left to get married
-Self-employed Reference Pages
http://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_&met_y=unemployment_rate&idim=city:CT010150&fdim_y=seasonality:U&dl=en&hl=en&q=unemployment%20rates%20in%20decatur%20al%20usa#!ctype=l&strail=false&bcs=d&nselm=h&met_y=unemployment_rate&fdim_y=seasonality:U&scale_y=lin&ind_y=false&rdim=country&idim=city:CT010150&idim=state:ST010000&idim=country:US&ifdim=country&hl=en_US&dl=en&ind=false (Unemployment Rates in the USA, Alabama and Decatur)
http://www.dailyfinance.com/2011/05/12/unemployment-benefits-best-worst-states/ (Alabama Citizen Benefits)
(Reasons for Unemployment)
(Solutions to Unemployment)
(Qualifying for Unemployment)
Economics Principles and Practices –Glencoe (Definition/Types of Unemployment)
odrentron.wikispaces.com/file/view/Unemployment.ppt (Unemployment Rate/Full
Employment/ Underemployed/ Phantom Employment)
(Effects of Unemployment)