Natural unemployment is unavoidable in the long-term performance of an economy and includes voluntary reasons and technological changes. The natural rate of unemployment was popularized by economist Milton Friedman and is not affected by business cycles. Natural unemployment is the level of unemployment that is unavoidable in the long-run performance of an economy. It is […]
In 2011, Greece and Spain had high youth unemployment rates of nearly 50%, while the US and OECD had rates of around 8-9%. In 2010, over 80 million non-student youths were unemployed worldwide, with the highest rates in Slovakia, Hungary, and France. Other countries with high unemployment rates include Zimbabwe, Vanuatu, Turkmenistan, and Tajikistan. At […]
Calculating unemployment rates is not straightforward. It involves sample populations and various formulas. The International Labor Organization and the US Bureau of Labor Statistics use surveys and statistics to calculate rates, but none are completely accurate. Understanding the impact of unemployment is crucial for formulating economic plans. The unemployment rate is not just a simple […]
Filing for unemployment benefits can be a long and tedious process, but it is now possible to file online and avoid long lines at state unemployment agencies. While not all states allow online filing, it is becoming more common. Online applicants must provide the same information as in-person applicants and may still need to schedule […]
Types of unemployment include loss of full-time or part-time jobs, temporary layoffs, sick leave, and underemployment. Full-time workers may claim unemployment benefits, while part-time workers may not always qualify. Medically caused unemployment can be temporary or permanent, with compensation available in some cases. The different types of unemployment include the loss of a full-time paying […]
The Bureau of Labor Statistics (BLS) uses a Monthly Current Population Survey (CPS) to generate the national unemployment rate, which includes a sample of approximately 110,000 people in 60,000 households. The BLS assigns individuals to one of three classifications: employed, unemployed, or not in the labor force. The monthly unemployment rate is 90% accurate, with […]
Cyclical unemployment is affected by negative economic growth, lower demand and consumption, decreased production, and lack of investor funding. These factors lead to layoffs and lower profits, causing an increase in cyclical unemployment rates. Cyclical unemployment rates are directly affected by an economic recession or depression, but there are several individual factors that affect this […]
Monetary policy aims to stabilize economies by regulating the flow of money. The central bank reduces interest rates to reduce unemployment and increase access to loans for businesses, leading to expansion and job creation. The term monetary policy is used to describe the means by which a major monetary regulatory authority within a country attempts […]
Unemployment is a macroeconomic principle that is an indicator of a country’s economic state. Factors such as decreased demand, changing tastes, and seasonal changes can cause unemployment, which affects other economic variables. Unemployment also leads to a decline in demand for goods and services and an increase in demand for welfare packages, putting pressure on […]
Okun’s law states that for every 1% increase in GDP, there is a corresponding 2% increase in employment. GDP and unemployment rates are macroeconomic factors that measure the state of an economy, and they are related because a decrease in GDP leads to a decrease in employment. An increase in both GDP and employment indicates […]
Unemployment and economic growth are intertwined, with unemployment affecting economic growth and serving as an indicator of the state of the economy. High unemployment leads to decreased production, while low unemployment is related to increased demand for goods and services. Unemployment also deprives the government of resources needed for development. Economic growth and unemployment are […]
To be eligible for unemployment benefits, a worker must prove they were employed and their unemployment was not their fault. The length of time with the company also determines the amount of compensation. Extensive documentation is required, and the applicant must be physically able to work, available for work, and actively seeking work. When a […]
The Phillips curve, which suggests an inverse relationship between inflation and unemployment, was largely abandoned by economists after the stagflation of the 1970s. However, some still accept a short-term link between the two factors. The concept of a natural rate of unemployment was introduced, suggesting that inflation has no long-term relationship with unemployment. Governments now […]
Rising unemployment rates in the legitimate economy can lead to an increase in the shadow economy, as workers seek alternative ways to earn money. The shadow economy offers opportunities for those who are willing to engage in illegal activities, but some may not return to the legitimate workforce even if the economy improves. While measuring […]
Unemployment insurance appeal boards review decisions made by unemployment agencies to determine if errors were made. They may interview witnesses or hold formal hearings, and issue statements of their findings. Applicants may need to provide additional documentation or have witnesses testify. More complex cases may require in-person hearings. Sometimes workers can be wrongly denied unemployment […]
Emergency unemployment compensation is a US government benefits package created after the 2007 financial crisis to help citizens unemployed until the economy recovers. It is divided into four tiers, with a maximum of 53 weeks of coverage. To qualify, a person must have exhausted all state benefits and meet certain requirements. Emergency unemployment compensation refers […]
Frictional unemployment is a natural occurrence in all economies, encouraging people to find the best jobs and companies to find the best employees. It is beneficial and will never fully drop to zero, and can be prolonged by those seeking the ideal job. It is closely related to structural unemployment, where a mismatch between available […]
If you have worked for at least a year in a non-contract or freelance position and lost your job, you may be eligible for unemployment benefits. Eligibility is determined by factors such as how long you worked and the highest salary earned in the past year. Each state runs its own program and pays weekly […]
Federal unemployment insurance in the US is funded by a tax on employers and provides payments to unemployed individuals while they search for work. Other countries have different systems, with some relying on general taxes and others on unions. The US system is made up of several stages and has been subject to political and […]
File for unemployment compensation immediately after losing your job, be prepared with necessary information, be honest, and be patient during the claims process. The longer you wait, the longer it takes to receive benefits. One of the best tips for claiming unemployment compensation is to file immediately. The sooner a person files, the faster they […]
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