located in New York 2.a) Define the four sources of unemployment. Provide real-w
ID: 1152661 • Letter: L
Question
located in New York
2.a) Define the four sources of unemployment. Provide real-world examples of cyclical and structural unemployment that are related to the area of the country where you live. If possible, use examples related to your workplace.
Hints: See the TANSTAAFL TRIBUNE (this week's lecture) and Chapter 7 of our course text.
b) Find the 2016 unemployment rates by month for the state or area where you live as follows:
Go to the U.S. Department of Labor's Bureau of Labor Statistics' website atwww.bls.gov/ =>
Follow the "State and Local Unemployment Rates" link found under the "Subjects" tab near the top of the page.
Scroll down until you see a map of the U.S. on the right side of this web page. In the drop-down box, immediately below this map, select the state where you live and click the "go" button.
Select the area that is closest to where you live or select the not seasonally adjusted box for your state.
Retrieve the data using the "retrieve data" button.
Answer the following questions:
In 2016, in which month was the lowest unemployment rate recorded? In which month was the highest unemployment rate recorded? Discuss specific reasons why the unemployment rate varies seasonally in your state or in the area where you live.
Explanation / Answer
a) The four types of unemployment are:
1) Structural unemployment: This is a type of unemployment which occurs due to the mismatch of skills possessed by the people and that required by the industry. This usually happens when there is a shift in the structure of the economy. For example, when there is a shift in the structure of the economy from agriculture to service, then if the laborers in agriculture do not update their skills they often remain unemployed due to the mismatch of skills.
2) Cyclical unemployment: This is a type of unemployment which occurs due to the cyclical trends in production of goods that occurs within the business cycle. For example, people may be laid off and unemployment may rise due to a recession. This is cyclical unemployment.
3) Frictional unemployment: This is a type of unemployment which occurs due to people changing their jobs. This is a form of short-term, temporary unemployment.
4) Disguised Unemployment: This is a type of unemployment which occurs when a part of the labor force exists without any job and thus are working in a place where they are working in a redundant manner and they have zero productivity.
b) In 2016, the lowest unemployment rate in New York was recorded in Mat i.e 4.3%. The highest unemployment rate was recorded in January and February i.e 5.3%.
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