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Unemployment - Coggle Diagram
Unemployment
MEASURED
Labour Force Survey - counts those who are without any kind of job including part time work but who have looked for work in the past month and are able to start work immediately.
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On average, LFS measure had exceeded Claimant Count by about 500,000 in recent years - equivalent to 2.5% of labour force.
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LFS uses internationally agreed definition of unemployment so allows more accurate cross-country comparisons.
TYPES
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Frictional - when people are between jobs, short spells of unemployment, looking for another job similar to the old one.
DEFINITON
Able, available and willing people, over the age of 16, actively searching for a job, but cannot find one.
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CAUSES
Structural - occupational and geographical immobility of labour and requires investment to improve skills.
Globalisation - UK manufacturing industries have lost jobs as some production has shifted to lower-cost centres in Eastern Europe.
Cyclical - when there is a recession (NOG), demand falls leading to a contraction in output across many industries. Does not have to be a recession for cyclical to happen.