Unemployment

unemployedunemployment ratejob creationjob creation programjoblessnesswork relief programcyclical unemploymentlong-term unemploymentlabor force participation ratemass unemployment
Unemployment, according to the Organisation for Economic Co-operation and Development (OECD), is when persons above a specified age (usually above 15) are not in paid employment or self-employment and are currently available for work during the reference period.wikipedia
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Monetary policy

monetarymonetary policiesexpansionary monetary policy
Furthermore, the monetary authority of a country like the central bank could influence the availability and cost for money through its monetary policy. Another intervention involves an expansionary monetary policy that increases the supply of money, which should reduce interest rates, which in turn should lead to an increase in non-governmental spending.
Further goals of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies.

Involuntary unemployment

involuntarily unemployedInvoluntaryunable to work
Some of the main types of unemployment include structural unemployment and frictional unemployment, as well as cyclical unemployment, involuntary unemployment, and classical unemployment.
Involuntary unemployment occurs when a person is willing to work at the prevailing wage yet is unemployed.

Frictional unemployment

search unemployment
Some of the main types of unemployment include structural unemployment and frictional unemployment, as well as cyclical unemployment, involuntary unemployment, and classical unemployment.
Frictional unemployment is a type of unemployment.

Structural unemployment

skills gapstructuralmajor skills shortage
Some of the main types of unemployment include structural unemployment and frictional unemployment, as well as cyclical unemployment, involuntary unemployment, and classical unemployment.
Structural unemployment is one of three categories of unemployment distinguished by economists, the others being frictional unemployment and cyclical unemployment.

Monetary authority

monetary authoritiesissue currencymonetary
Furthermore, the monetary authority of a country like the central bank could influence the availability and cost for money through its monetary policy.
In finance and economics, a monetary authority is the entity which controls the money supply of a particular currency, often with the objective of controlling inflation, interest rates, real GDP or the unemployment rate.

Inflation

inflation rateprice inflationfood inflation
However, eventually the economy hits an "inflation barrier" imposed by the four other kinds of unemployment to the extent that they exist.
Positive effects include reducing unemployment due to nominal wage rigidity, allowing the central bank more leeway in carrying out monetary policy, encouraging loans and investment instead of money hoarding, and avoiding the inefficiencies associated with deflation.

NAIRU

non-accelerating inflation rate of unemploymentfull employmentNAIRU (non-accelerating inflation rate of unemployment)
An alternative technical term for this rate is the NAIRU, or the Non-Accelerating Inflation Rate of Unemployment.
NAIRU is an acronym for non-accelerating inflation rate of unemployment, and refers to a theoretical level of unemployment below which inflation would be expected to rise.

Interest rate

interest ratesdiscount rateinterest
Another intervention involves an expansionary monetary policy that increases the supply of money, which should reduce interest rates, which in turn should lead to an increase in non-governmental spending.
Interest rate targets are a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment.

Job hunting

job seekersjob applicantsjob search
Structural unemployment may also be encouraged to rise by persistent cyclical unemployment: if an economy suffers from long-lasting low aggregate demand, it means that many of the unemployed become disheartened, while their skills (including job-searching skills) become "rusty" and obsolete.
Job hunting, job seeking, or job searching is the act of looking for employment, due to unemployment, underemployment, discontent with a current position, or a desire for a better position.

Underemployment

underemployedunder-under-employment
The statistic also does not count the "underemployed"—those working fewer hours than they would prefer or in a job that doesn't make good use of their capabilities.
All of the meanings involve a situation in which a person is working, unlike unemployment, where a person who is searching for work cannot find a job.

Beveridge curve

The frictions in the labour market are sometimes illustrated graphically with a Beveridge curve, a downward-sloping, convex curve that shows a correlation between the unemployment rate on one axis and the vacancy rate on the other.
A Beveridge curve, or UV curve, is a graphical representation of the relationship between unemployment and the job vacancy rate, the number of unfilled jobs expressed as a proportion of the labour force.

Reserve army of labour

reserve army of laborindustrial reserve armyarmy of unemployed
The function of the proletariat within the capitalist system is to provide a "reserve army of labour" that creates downward pressure on wages.
It refers to the unemployed and underemployed in capitalist society.

Natural rate of unemployment

natural ratenatural" rate of unemploymentEquilibrium rate of unemployment
Some demand theory economists see the inflation barrier as corresponding to the natural rate of unemployment.
It represents the hypothetical unemployment rate consistent with aggregate production being at the "long-run" level.

Homelessness

homelesshomeless peoplehomeless person
Problems with debt may lead to homelessness and a fall into the vicious circle of poverty.

Market clearing

market-clearingclearmarket clears
Classical, or real-wage unemployment, occurs when real wages for a job are set above the market-clearing level causing the number of job-seekers to exceed the number of vacancies.
If markets were supposed to clear, how could ruinously high rates of unemployment persist for so many painful years?

Discouraged worker

discouraged from seeking workdiscourageddiscouraged workers
Some critics believe that current methods of measuring unemployment are inaccurate in terms of the impact of unemployment on people as these methods do not take into account the 1.5% of the available working population incarcerated in U.S. prisons (who may or may not be working while incarcerated); those who have lost their jobs and have become discouraged over time from actively looking for work; those who are self-employed or wish to become self-employed, such as tradesmen or building contractors or IT consultants; those who have retired before the official retirement age but would still like to work (involuntary early retirees); those on disability pensions who, while not possessing full health, still wish to work in occupations suitable for their medical conditions; or those who work for payment for as little as one hour per week but would like to work full-time.
In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who has not found employment after long-term unemployment, but who would prefer to be working.

Okun's law

As indicated by Okun's Law, the demand side must grow sufficiently quickly to absorb not only the growing labour force but also the workers made redundant by increased labour productivity.
In economics, Okun's law (named after Arthur Melvin Okun, who proposed the relationship in 1962 ) is an empirically observed relationship between unemployment and losses in a country's production.

Macroeconomics

macroeconomicmacroeconomistmacroeconomic policy
The unemployment rate is included in a number of major economic indexes including the United States' Conference Board's Index of Leading Indicators a macroeconomic measure of the state of the economy.
Macroeconomists study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the different sectors of the economy to better understand how the whole economy functions.

Employment

employeeemployeremployees
Unemployment, according to the Organisation for Economic Co-operation and Development (OECD), is when persons above a specified age (usually above 15) are not in paid employment or self-employment and are currently available for work during the reference period.
This study showed that other sectors were just as important in reducing unemployment, such as manufacturing.

Labour economics

laborlabor economicslabor market
The frictions in the labour market are sometimes illustrated graphically with a Beveridge curve, a downward-sloping, convex curve that shows a correlation between the unemployment rate on one axis and the vacancy rate on the other.
The unemployment level is defined as the labour force minus the number of people currently employed.

Youth unemployment

unemployedunemployed youthunemployment
The youth unemployment ratios in the European Union range from 5.2 (Austria) to 20.6 percent (Spain).
Youth unemployment is the situation of young people who are looking for a job, but cannot find a job, with the age range being that defined by the United Nations as 15–24 years old.

Path dependence

path dependentpath dependencypath-dependent
This theory of persistence in structural unemployment has been referred to as an example of path dependence or "hysteresis".
A transitory high rate of unemployment during a recession can lead to a permanently higher unemployment rate because of the skills loss (or skill obsolescence) by the unemployed, along with a deterioration of work attitudes.

United States

AmericanU.S.USA
Because of the difficulty to measure the unemployment rate by for example using surveys like in the United States of America (USA) or through registered unemployed citizens like in some European countries, statistical figures like the employment-to-population ratio could be better suited to evaluate the status of the labor force and the economy if they would be based on people who are registered as for example taxpayer.
It brought high unemployment (which has been decreasing but remains above pre-recession levels), along with low consumer confidence, the continuing decline in home values and increase in foreclosures and personal bankruptcies, an escalating federal debt crisis, inflation, and rising petroleum and food prices.

Job

occupationday joboccupations
Seasonal unemployment may be seen as a kind of structural unemployment, since it is a type of unemployment that is linked to certain kinds of jobs (construction work, migratory farm work).
Those without paid full-time employment may be categorized as unemployed or underemployed if they are seeking a full-time paid job.

Economy

economiceconomiesnational economy
Because of the difficulty to measure the unemployment rate by for example using surveys like in the United States of America (USA) or through registered unemployed citizens like in some European countries, statistical figures like the employment-to-population ratio could be better suited to evaluate the status of the labor force and the economy if they would be based on people who are registered as for example taxpayer. Unemployment and the status of the economy can be influenced by a country through for example fiscal policy.