Unemployment
==Labor Force Participation Rate==: population 100, Labor force 70= 70% LFPR
@@Who is in the Labor Force@@: 16 years and up; non-military; working (employed); anyone looking for work(unemployed)
: stay-at homes; children (under 16); full time students (college); institutionalized individuals; incarcerated; military; anyone NOT looking for work
%%U rate%%: percent of labor force who are not working but actively looking for work--they want a job
^^Calculating U rate^^: number unemployed over number of eligible LF
==Unemployment Insurance==: state runs unemployment benefits--anyone can get it if you lose your job through NO FAULT of your own **unemployment checks**
@@Unemployment benefits@@: we all pay into the system; limited; based on individual; % of your salary
: graduates (H.S and college); quit; fired; seasonal workers; laid off due to firm having trouble
%%Structural Unemployment%%: replaced by technology; has skills/experience but no jobs to match this (& vice versa); lose job and need to retain; worthless degree (“basket-weaving”); if demand shifts
^^Cyclical Unemployment^^: result of a recession or depression (COVID)-2023
==National unemployment rate==: 3.7%
@@TN unemployment rate@@: 3.2%
rate: 4-6%
%%Underemployment%%: working part time but you want to be working full time; doing a job you’re overqualified for
^^Discouraged Workers^^: worker who is looking for a job--they want a job--but they can’t find one to match their qualifications and they give up (not counted in LF)
==Frictional (seasonal)==: you’re a beach lifeguard in California and since no one goes to the beach in the winter, you are unemployed until March
@@Frictional (quit)@@: A literary editor quits her job in New York in order to look for a job in Seattle
: unemployed college graduate looking for his first job
%%Structural (technology)%%: An assembly-line worker gets laid off; the job is now being done by a machine
^^Frictional (seasonal)^^: Migrant agricultural workers just finished harvesting oranges in Florida. They are out of work until the next harvesting season, & move on to another part of the country to look for work
==Frictional (firm) or Structural (demand shifts)==: Chipotle has an outbreak of E.coli, so declining sales means a cashier is laid off
@@Frictional (quit)@@: You refuse to work for minimum wage and keep looking for a higher-paying job
: A high school graduate doesn’t get any jobs he applied for because he lacks the skills
%%Cyclical (recession)%%: At the Saturn factory in Spring Hill, workers are laid off when the plant closes because the cars aren’t selling during the recession
^^Structural (technology)^^: A skilled glass blower becomes unemployed when a new machine does her job faster.
==Discouraged==: You were laid off and have been unsuccessfully looking for work for so long that you finally give up seeking a job and start doing volunteer work instead
@@Cyclical (depression)@@: In the 1930s, thousands of people lost their jobs because of declining consumer demand during the Great Depression
: A college graduate works at Sonic
%%Not in LF (under 16)%%: A 15-year old starts looking for babysitting jobs because she is saving for a car
^^Frictional (quit)^^: A financial advisor is unhappy with her employer, so she quits and is looking for a better job
==Structural (retrain)==: A programmer loses her job because she couldn’t learn the newest language
@@Structural (retrain)@@: More and more people are buying electric vehicles, so engineers who have always designed internal-combustion engines are laid off and must be retrained for new engines
: Cashiers at Panera are laid off because of the new iPad self-ordering stations
%%Cyclical (recession)%%: Many bank employees were laid off due to the financial crash, which caused the recession
^^Structural (laid off)^^: Because of Airbnb, people don’t buy “time-share” properties anymore, so time-share salespeople are laid off
==Underemployed==: A bank teller would like to work full time, but his manager only gives him 25 hours a week