UNEMPLOYMENT Group 1: Elizabeth Gopio Irene Jan Celiz Asher Escares Edlyn Joy Tamayor Thomas Mijares

Unemployment Unemployment is when a person who is actively

searching for employment is unable to find work. The most frequently cited measure of unemployment is

the unemployment rate which is the number of unemployed persons divided by the number of people in the labor force.

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Types of Unemployment: Frictional unemployment Structural unemployment Cyclical or Keynesian unemployment Seasonal unemployment

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Frictional Unemployment Frictional unemployment occurs when a worker moves

from one job to another. It is a result of imperfect information in the labor market,

because if job seekers knew that they would be employed for a particular job vacancy, almost no time would be lost in getting a new job, eliminating this form of unemployment.

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Structural unemployment Structural unemployment arises when the qualification of

a person is nor enough to meet his job responsibilities. Conversely, structural unemployment arises when the salary offered to a person falls short of the minimum wage that can be paid for the concerned job.

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Cyclical unemployment Cyclical or demand deficient unemployment occurs when

the economy is in need of low workforce. The demand for labor increases with the economy in the growth phase. Again, when the economy passes through depression, demand for labor decreases and the extra workers are released as the unemployed labor force.

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Seasonal unemployment Seasonal unemployment occurs when an occupation is

not in demand at certain seasons.

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Causes of Unemployment They quit their position and are looking for a new one. They were laid off due to lack of work and haven't yet

been rehired. Their company reduced the work force, and they are

seeking a new position. This can be due to a local condition, when the company closes a plant or division, or a national condition, when the economy slows and many companies reduce their work force.

Changes in tastes as well as alterations in the climatic conditions. This may in turn lead to decline in demand for certain services as well as products.

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Causes of Unemployment They have recently returned to the work force - perhaps

from pregnancy or attending school - and haven't yet located a position.

The need for their skill set has gone down, and there are limited positions available, which may lead to unemployment until they train for a new position.

Technology has reduced the need for their type of position.

Disability

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Effects of Unemployment Unemployed individuals are unable to earn money to

meet financial obligations. Failure to pay mortgage payments or to pay rent may lead to homelessness through foreclosure or eviction.

i. Unemployment increases susceptibility to malnutrition, illness, mental stress, and loss of self-esteem, leading to depression.

ii. Great Depression

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Effects of Unemployment iii. Another cost for the unemployed is that the

combination of unemployment, lack of financial resources, and social responsibilities may push unemployed workers to take jobs that do not fit their skills or allow them to use their talents. Unemployment can cause underemployment, and fear of job loss can spur psychological anxiety.

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Philippines Unemployment Rate 1994-2015

Unemployment Rate in Philippines decreased to 6 percent in the fourth quarter of 2014 from 6.70 percent in the third quarter of 2014. Unemployment Rate in Philippines averaged 8.90 percent from 1994 until 2014, reaching an all time high of 13.90 percent in the first quarter of 2000 and a record low of 6 percent in the fourth quarter of 2014. Unemployment Rate in Philippines is reported by the National Statistics Office of Philippines.

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Statistical updates: Philippines

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Statistical updates: Philippines Actual 6.00 Previous 6.70 Highest 13.90 Lowest 6.00 Dates 1994-2014 Unit - Percent Frequency Quarterly

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Statistical updates: Philippines In Philippines, the unemployment rate measures the

number of people actively looking for a job as a percentage of the labour force. This page provides - Philippines Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Philippines Unemployment Rate - was last refreshed on Monday, March 2, 2015.

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Philippines Jobless Rate Down to Record Low Philippines unemployment rate decreased to 6.0 percent in October of

2014 from 6.7 percent in July and hit a record low, as more people were employed in the services and agriculture sectors. Figures for the province of Leyte which was hit by typhoon Haiyan are not included.

Among unemployed people, 65.2 percent were males. The age group

15 to 24 years old accounted for 49.4 percent of total unemployed, while the age group 25 to 34 accounted for 30.2 percent. By educational attainment, 21.6 percent were college graduates, 13.5 percent were college undergraduates, and 33.3 percent were high school graduates.

Among regions, the National Capital Region (9.8 percent), Central Luzon (7.4 percent), and Calabarzon (7.1 percent) showed unemployment rates higher than the national figure (6.0 percent).

Meanwhile, the employment rate is estimated at 94.0 percent in October of 2014, up from 93.6 percent a year earlier. There were 38.8 million employed people: 53.7 percent worked in the services sector, 30.8 in agriculture and 15.6 percent in industry sector.

The country's jobless rate has been in a downward trend since the fourth quarter of 2013.

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Statistical updates: Asia

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Statistical updates: World

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Videos: Unemployment rate: https://www.youtube.com/watch?v=K1J3diJsD9U

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