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High and the persistent unemployment, in which economic inequality increases, has a negative effect on subsequent long-run economic growth. Unemployment can harm growth because it is a waste of resources; generates redistributive pressures and subsequent distortions; drives people to poverty; constrains liquidity limiting labor mobility; and ...
The unemployment rate (U-6) is a wider measure of unemployment, which treats additional workers as unemployed (e.g., those employed part-time for economic reasons and certain "marginally attached" workers outside the labor force, who have looked for a job within the last year, but not within the last 4 weeks).
Stagflation challenges traditional economic theories, which suggest that inflation and unemployment are inversely related, as depicted by the Phillips Curve. Stagflation presents a policy dilemma , as measures to curb inflation —such as tightening monetary policy —can exacerbate unemployment, while policies aimed at reducing unemployment ...
The unemployment level is defined as the labour force minus the number of people currently employed. The unemployment rate is defined as the level of unemployment divided by the labour force. The employment rate is defined as the number of people currently employed divided by the adult population (or by the population of working age).
The structural or natural rate of unemployment is the level of unemployment that will occur in a medium-run equilibrium, i.e. a situation with a cyclical unemployment rate of zero. There may be several reasons why there is some positive unemployment level even in a cyclically neutral situation, which all have their foundation in some kind of ...
Youth unemployment levels in Greece remain one of the highest in the world. According to one source, between 2000 and 2008, youth inactivity increased from 63% to 72%. [53] A different source using the harmonized definition of unemployment lists the unemployment rate of youth up to 24 years of age as 24.2% in Greece during 2009. [54]
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The March 2013 unemployment rate of 16.2% for workers under age 25 was slightly over twice the national average. Weak demand for goods and services is the primary driver of this unemployment, not a skills mismatch. Graduating in a bad economy has long-lasting economic consequences.