Unemployment

thumb|upright=2|Unemployment rate, 2021

In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). 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 (e.g. a pandemic). There is no official definition of a recession, according to the International Monetary Fund.

Stagflation is the combination of high inflation, stagnant economic growth, and elevated unemployment. The term stagflation, a portmanteau of "stagnation" and "inflation", was popularized, and probably coined, by British politician Iain Macleod in the 1960s, during a period of economic distress in the United Kingdom. It gained broader recognition in the 1970s after a series of global economic shocks, particularly the 1973 oil crisis, which disrupted supply chains and led to rising prices and slowing growth. Stagflation challenges traditional economic theories, which suggest that inflation and

economic model illustrating an inverse relationship between inflation and unemployment

thumb|upright=1.9|Percentage of NEETs among 15- to 24-year-olds (International Labour Organization|ILO data, 2023)

economic relationship

prolonged period of slow economic growth

unemployment primarily caused by technological change

unemployment caused by a skills gap between workers and firms

A layoff or downsizing is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees (collective layoff) 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 non-accelerating inflation rate of unemployment (NAIRU) is a theoretical level of unemployment below which inflation would be expected to rise. It was first introduced as the NIRU (non-inflationary rate of unemployment) by Franco Modigliani and Loukas Demetrios Papademos in 1975, as an improvement over the "natural rate of unemployment" concept, which was proposed earlier by Milton Friedman.

key concept in the study of economic activity

unemployment from time spent between jobs when a worker is searching for, or transitioning from one job to another

proportion of the working-age population who are employed

Outplacement is a support service provided by some organizations to help former employees transition to new jobs. A consultancy firm usually provides the outplacement services which are paid for by the former employer and are achieved usually through practical advice, training materials and workshops. Some organizations offer psychological support.

discrimination that occurs in the workplace or during the hiring process

thumb|right|200px|In 2014, university graduates from the U.S. were often unable to find a job requiring a degree; 44% could only find service jobs such as barista positions that do not require postsecondary education. 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.

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Marxist economic concept

economic theory

Eurosclerosis (German: Eurosklerose) is a term coined by German economist Herbert Giersch in the 1970s, to describe a pattern of economic stagnation in Europe that was alleged to have resulted from government over-regulation and overly generous social benefits policies. The term alludes to the medical term sclerosis, and is a rhyme of the archaic term neurosclerosis.

economic phenomenon

Overqualification is the state of being educated beyond what is necessary or requested by an employer for a position with the business. There can often be high costs for companies associated with training employees. This could be problematic for candidates resulting in failure to secure employment for the position in question. Employers foresee costs related to hiring such “overqualified” candidates. When seeking employment, candidates should consider providing explanation to potential employers as to why they are seeking a position that requires less skill, education and therefore less pay th

theory

household survey of employment statistics conducted in all European Union countries as well as Canada, Australia and New Zealand

'''''' is the German name for a program of state wage subsidies in which private-sector employees agree to or are forced to accept a reduction in working hours and pay, with public subsidies making up for all or part of the lost wages.

government work relief programmes

when people are without work and actively seeking work, and are willing to work at the prevailing wage but still unemployed

person of legal employment age not actively seeking employment

type of economic recession

essay by Jeremy Rifkin

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aspect of employment

International Labour Organization convention

research dealing with disequilibrium in economics