employment, recession, recovery
Published on Dec 23, 2015
No Description
MORE DECKS TO EXPLORE
PRESENTATION OUTLINE
employment, recession, recovery
mr. melkonian
unemployment rate
people not-working but looking for a job-includes temporary layoffs
Photo by Kheel Center, Cornell University
seasonally adjusted rate
gets rid of short-term fluctuations
labour force includes everyone except...
- Full-time military personnel
- Inmates
- Full-time students
- Retired workers
- Homemakers
participation rate
not counting people who aren't participating
(total labour/ total employable) x 100
Photo by lafrancevi
higher participation is good for a country!
it means more people are producing to aggregate production
limitations of employment data
Three main calculation issues
- underemployment
- discouraged workers
- dishonesty
underemployment
Photo by martinak15
unemployment rate understates
the true level of unemployment-includes part timers!
discouraged workers
stopped looking - gave up
official unemployment rate would go up
by a lot... maybe up to 70%, i'd say even more
dishonesty
people are straight liars... they say they're looking...
Frictional unemployment
- short-term unemployment, in between jobs or getting back in
- take time off to raise kids
- quit your job for something higher paying
- switch to something more suitable for you
- least worrisome/serious one
seasonal unemployment
- climate change
- construction, lumber, fishing, farming, tourism
- not as bad as it was before- science breh
- seasonal adjustments in calculation too
structural unemployment
- changes in the economy
- some industries grow, some obsolete overnight
- skills become irrelevant/obsolete
technological unemployment
replace people with machines
replacement unemployment
move labour to a cheaper country
cyclical unemployment
- business cycles (economic decline/boom)
- inadequate demand unemployment - people want less stuff so you fire staff
- sometimes government influences this- raised interest rates, etc.
natural employment rate
highest reasonable expectation of employment (full employment)
Photo by Sergiu Bacioiu
sometimes includes structural/frictional unemployment
excludes cyclical and seasonal
Photo by Alexandre Moreau | Photography
Cyclical excluded since it can be controlled by stabilizing downturns/upswings of the business cycle. It shouldn't really happen...
Photo by CarbonNYC [in SF!]
Seasonal is automatically excluded form all seasonally adjusted data
Photo by Sergiu Bacioiu
