Workers Working on Part Time Wish for Full Time Job
They are those set of people who are working part time but they want full time job. They are considered as part time workers in economic basis which come under the category of unemployment.
Unemployment which is most costly
Every types of unemployment are costly in nature, but unemployment for long period is more costly in nature which states in loss of job. People who have left job for some period and then join the new job, and then in that case they will have to bear the unemployment cost. All costs are less in nature which is compared to those costs which is bear by unemployed people for more than weeks.
People who comes into the category of unemployment has left job according to their own will in order to get the new one. The other reason is that they have also reentered and entered labor market force where they have to bear unemployment cost. Again allcosts are less than those costs which are bear by person who has left their job and again they are forced to join previous work
The rate of unemployment will not change in different unemployment categories. Unemployed people are job users for long time. It will create the situation more badly than those who are job seekers for short period.
Alternative Unemployment Measures
In order to know more about unemployment, there were 6 alternatives measures were discussed by Bureau of labor statistics for unemployment rate. The two alternatives will include narrow measures which include personal cost in the unemployment areas and 3 broader measures which will access the total amount of labor forces which are unused in nature.
In the fig 5.4 You will come across with U-3 which is rate of unemployment officially,U-1 is the unemployment which is for long term and job losers in terms of unemployed people is U-2 is 40 % in case of unemployed and 60% in recession.U-4 is aged workers which make differences in rate of unemployment.U-5 is workers which are marginally attached which will be added to 1 percent. Major difference will be seen by part time economic worker which is shown by U-6. Total rate will be shown as 16% in the year 2010.
In this section you will come across with the measurement part of unemployment along with employment. Next section deals with full employment meaning and how GDP and unemployment changes with business cycle.