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Frictional Unemployment
Frictional unemployment currently exists and will always exist because there is always some amount of time between when someone quits one job and starts another, even if it is only one minute or if it is several years. When frictional unemployment is low, it means that the economy is in good condition because people are not unemployed for a long period of time. When frictional unemployment is high, the economy is likely in poor condition because people are waiting a long time between jobs and people are likely using unemployment benefits. Unlike the other types of unemployment, cyclical and structural, frictional unemployment is not caused by a lack of job openings or a lack of skills or job history by the applicants.
Veterans are frictionally unemployed because they are in between jobs. They have recently left one job, military service, and are looking for a new job, a civilian job. This article is a good example of frictional unemployment because there are no major reasons why these veterans are unemployed. Most of the veterans have great job skills and would be a great addition to any company. This article is also a good example of frictional unemployment because it demonstrates the use the unemployment benefits. Typically unemployment benefits are used so a person can search for a job that suits their skills, abilities, and desires without worrying about how they will pay bills during the job search. |
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