Unemployment - Macroeconomic Issue
Economics Revision Article Series
Authors
Recessions and the associated high unemployment are extremely costly to the economy.
Unemployment classifications
Frictional unemployment
Workers are simply moving between jobs.
Structural unemployment
Some industry workers are out of jobs.
Cyclical unemployment
Overall economy has slowed down and workers in many industries have lost the jobs.
Natural rate of unemployment
The natural rate of unemployment is the lowest rate at which there is no upward spiral of inflation.
The natural rate of unemployment has crept upward in recent decades.
Economists have put forward thoughts to reduce the natural rate of uemployment.
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