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In economics, a recession is a business cycle contraction that occurs when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending. This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster.
Unemployment, according to the OECD, is people above a specified age not being in paid employment or self-employment but currently available for work during the reference period.
Underemployment is the underuse of a worker because their job does not use their skills, offers them too few hours, or leaves the worker idle. It is contrasted with unemployment, where a person lacks a job at all despite wanting one.
In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who has not found employment after long-term unemployment, but who would prefer to be working. This is usually because an individual has given up looking, hence the term "discouraged".
A layoff or downsizing is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees for business reasons, such as personnel management or downsizing an organization. Originally, layoff referred exclusively to a temporary interruption in work, or employment but this has evolved to a permanent elimination of a position in both British and US English, requiring the addition of "temporary" to specify the original meaning of the word. A layoff is not to be confused with wrongful termination.
The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s. The impacts of the recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incumbent president George H. W. Bush. The recession also included the resignation of Canadian prime minister Brian Mulroney, the reduction of active companies by 15% and unemployment up to nearly 20% in Finland, civil disturbances in the United Kingdom and the growth of discount stores in the United States and beyond.
Frictional unemployment is a form of unemployment reflecting the gap between someone voluntarily leaving a job and finding another. As such, it is sometimes called search unemployment, though it also includes gaps in employment when transferring from one job to another.
A NEET, an acronym for "Not in Education, Employment, or Training", is a person who is unemployed and not receiving an education or vocational training. The classification originated in the United Kingdom in the late 1990s, and its use has spread, in varying degrees, to other countries, including Japan, South Korea, China, Serbia, Canada, and the United States. The NEET category includes the unemployed, as well as individuals outside the labor force. It is usually age-bounded to exclude people in old-age retirement.
Job security is the probability that an individual will keep their job; a job with a high level of security is such that a person with the job would have a small chance of losing it. Many factors threaten job security: globalization, outsourcing, downsizing, recession, and new technology, to name a few.
The labor force in Japan numbered 65.9 million people in 2010, which was 59.6% of the population of 15 years old and older, and amongst them, 62.57 million people were employed, whereas 3.34 million people were unemployed which made the unemployment rate 5.1%. The structure of Japan's labor market experienced gradual change in the late 1980s and continued this trend throughout the 1990s. The structure of the labor market is affected by: 1) shrinking population, 2) replacement of postwar baby boom generation, 3) increasing numbers of women in the labor force, and 4) workers' rising education level. Also, an increase in the number of foreign nationals in the labor force is foreseen.
Graduate unemployment, or educated unemployment, is unemployment among people with an academic degree.
North America was one of the focal points of the global Great Recession. While Canada has managed to return its economy nearly to the levels it enjoyed prior to the recession, the United States and Mexico are still under the influence of the worldwide economic slowdown. The cost of staple items dropped dramatically in the United States as a result of the recession.
Unemployment in the United States discusses the causes and measures of U.S. unemployment and strategies for reducing it. Job creation and unemployment are affected by factors such as economic conditions, global competition, education, automation, and demographics. These factors can affect the number of workers, the duration of unemployment, and wage levels.
Job losses caused by the Great Recession refers to jobs that have been lost worldwide within people since the start of the Great Recession. In the US, job losses have been going on since December 2007, and it accelerated drastically starting in September 2008 following the bankruptcy of Lehman Brothers. By February 2010, the American economy was reported to be more shaky than the economy of Canada. Many service industries have reported dropping their prices in order to maximize profit margins. This is an era in which employment is becoming unstable, and in which being either underemployed or unemployed is a common part of life for many people.
An economic recovery is the phase of the business cycle following a recession. The overall business outlook for an industry looks optimistic during the economic recovery phase.
"Ant tribe" is a neologism for a group of low-income university graduates who settle for a poverty-level existence in the cities of China. Those who belong to the ant tribe class hope that, in time, they will find the jobs for which they were trained in college. Lian Si, then a postdoctoral researcher at Peking University, coined the term "ant tribe" to draw a comparison between the lives of these college graduates and ants: "They share every similarity with ants. They live in colonies in cramped areas. They're intelligent and hardworking, yet anonymous and underpaid." Typically consisting of those born during and after the 1980s, the ant tribe is considered the fourth disadvantaged social class in the Chinese social paradigm, alongside the traditionally disadvantaged classes of the peasantry, the migrant workers, and those formerly employed by government-owned corporations and left unemployed by the economic reform in China.
Economists refer to the polarization of the labor force when middle-class jobs—requiring a moderate level of skills, like autoworkers’ jobs—seem to disappear relative to those at the bottom, requiring few skills, and those at the top, requiring greater skill levels. The structure of job opportunities in the United States has sharply polarized over the past two decades, with expanding job opportunities in both high-skill, high-wage occupations and low-skill, low wage occupations combined with contracting opportunities in middle-wage, middle-skill white-collar and blue-collar jobs. Although this has contributed to the rise of income inequality in the U.S. it is a minor factor compared to the relatively rapid rise in income and wealth by the top 1%. Employment and economic polarization is widespread across industrialized economies; it is not a uniquely American phenomenon. Over the past decades, wage gains were also polarized, with modest gains at the extremes and smaller gains in the middle. A good description of polarization in Great Britain is one of the first uses of the term, economic polarization.
Youth unemployment is a special case of unemployment; youth, here, meaning those between the ages of 15 and 24.
Job creation and unemployment are affected by factors such as aggregate demand, global competition, education, automation, and demographics. These factors can affect the number of workers, the duration of unemployment, and wage rates.
The Employment Ice Age is a term in Japan that refers to a period starting around 1994 and ending by 2004 where young graduates, as well as those who had lost their first jobs due to the Bubble Economy collapsing, were unable to find stable sources of employment. This phenomenon took place during the Lost Decade, and the cohort affected, Generation X, came to be referred to as the “Lost Generation” or the “Ice Age Generation”.
References
- ↑ "Recession-Proof Jobs in the Valley - 12/05/08 - Fresno News - abc30.com". A.abclocal.go.com. 2008-12-05. Retrieved 2010-03-19.
- ↑ "Ride Out Recession With Penny Pinching, Job Tips".
- ↑ Marcia Heroux Pounds. "Want Job Security? - KDAF". The33tv.com. Retrieved 2010-03-19.
- ↑ "Economic conditions motivate some to make career changes". The Commercial Appeal. Retrieved 2010-03-19.
