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43-handout - 1/6/2010 Unemployment p y Economics AS...

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1/6/2010 1 Unemployment Economics AS Macroeconomics January 2010 Defining unemployment People able, available and willing to find work and actively seeking work – but not employed The unemployed are included in the labour force There is a long running debate about the accuracy of the unemployment statistics Millions of people are of working age but economically inactive M th d i ti k b th Many thousands are in part time work because they cannot find full time jobs This is the problem of hidden unemployment
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1/6/2010 2 Two measures of UK unemployment per cent of the labour force UK and European Unemployment PERCENT
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1/6/2010 3 Claimant Count and LFS Measure The Claimant Count Measure The number of people claiming the Jobseekers’ Allowance Monthly count of unemployed The Labour Force Survey (ILO measure) An internationally agreed measure of unemployment Must have actively sought work in the previous four weeks and be available to start work immediately Flows in the labour market Employed Unemployed New hires Recalls Labour force Retiring Temporarily leaving Job losers Lay offs Quits Discouraged workers Out of the labour force Taking a job Re entrants New entrants
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1/6/2010 4 Job Losses Seasonal unemployment There are regular seasonal changes in employment / labour demand Affects certain industries more than other Affects certain industries more than others Catering and leisure Construction Retailing Tourism Agriculture
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1/6/2010 5 Frictional unemployment Transitional unemployment due to people moving between jobs: Includes people experiencing short spells of unemployment
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This note was uploaded on 02/08/2012 for the course ECO 51844 taught by Professor Sabet during the Spring '11 term at FIU.

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43-handout - 1/6/2010 Unemployment p y Economics AS...

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