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Unemployment And The Unemployment Rate

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Unemployment happens when individuals are without work and effectively looking for work. The unemployment rate is a predominance 's measure of unemployment and it is figured as a rate by separating the quantity of unemployed people by all people right now in the work power. During periods of recession, an economy usually experiences a relatively high unemployment rate. Economists distinguish between various overlapping types of and theories of unemployment, including cyclical or Keynesian unemployment, frictional unemployment, structural unemployment and classical unemployment. In Australia, persons over 15 years working at least one hour per week in paid employment are classified as employed. The unemployment rate is the percentage of people in the labour force who are without jobs and are actively seeking jobs. There are four different types unemployment: Seasonal unemployment is caused by recurring changes in hiring due to changes in seasonal demand or weather conditions, for example: Summer resort workersThe retail trade during the Christmas period. Frictional unemployment is caused by the normal search time required by workers with marketable skills who are changing jobs, entering or re-entering the labour force. It is sometimes called search unemployment. Structural unemployment is caused by a mismatch of the skills of workers out of work and the skills required for existing job opportunities. It results from changes in the structure of the economy over time (e.g.
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