Unemployment Rates

Not Only Does The Government Want To Know That You Are Out

Of Work, They Want To Know Why You Are Out Of Work.

• TYPES OF UNEMPLOYMENT

FRICTIONAL UNEMPLOYMENT

• I am frictionally unemployed because I:

• Quit• Got fired• Am a new entrant in the

labor force• Am looking for a better

job• (temporary, sometimes

voluntary)

CYCLICAL UNEMPLOYMENT

• I am cyclically unemployed because:

• I got laid off• The economy is in a

recession• Cyclical

unemployment is tied to the business cycle

Last day on the job

SEASONAL UNEMPLOYMENT

• I am seasonally unemployed because:

• I mow yards for a living and there is 5 feet of snow on the ground

• I am the mall Santa Claus

• Hopefully I can pick up work as the Easter Bunny

STRUCTURAL UNEMPLOYMENT

• This one is scary!• I am structurally

unemployed because:• Robby the robot has

taken my place• No one wants to hire a

high school drop-out (mismatch of skills to jobs)

• My job is now being done by someone in China for $8 a day (outsourcing)

I don’t need a coffee break

How To Insure Your Success..

• Invest in yourself (human capital)• Have a higher view of your work• Academic knowledge• Life’s lessons• Human capital also includes:• Your skills/talents• charm/ sense of humor• Be honest• Learn to persevere• Learn from setbacks• Help others succeed