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Unemployment (ILO (Employment as paid work for at least 1 hour of the…
Unemployment
ILO
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Unemployment is defined as without work but available for work in the previous week and seeking work for the preceding 4 weeks.
Inactive is defined as all others e.g. Homemakers, students, retirees
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Live register
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Unemployment Figures
Inflows
job losses, first time jobseekers, increased labour force participation, migration
Outflows
Increased employment, retirements, emigration, mortality
Labour market
GRAPH
Supply of Labour upsloping - wage increase, supply goes up
Demand of Employers - as wages goes up, demand goes down
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Types and causes
Cyclical unemployment e.g recession
Structural unemployment e.g an industry collapsing e.g coal mining
Frictional unemployment – changes in the labour market.
Seasonal unemployment –summer work in the tourism industry. Statistics use seasonally adjusted figures to take this category into account.
Transitional unemployment – temporary and short term. Arises from switching jobs
Inflation and rising costs – when an employers production costs are increased due to inflation they may choose to lay off staff to compensate.
Labour Market Rigidities – arises because nominal wages do not adjust to equalise the quantity of labour demanded with the quantity of labour supplied.
Discouraged worker – this is an individual who has stopped looking for work
full employment - when all people who are willing and able to work at the prevailing market wages are able to do so
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