4. Explain four types of unemployment and discuss key trends in the Australian labour market.

Expert Solution

Frictional unemployment: It refers to unemployed people who are switching jobs or looking for jobs for the first time.

Seasonal unemployment: It is a condition when people are not having work in a particular season, especially in fields such as agriculture.

Structural unemployment: It refers to loosing job because of the structural changes in the economy. For example, new technology, new skill set is required to work, so existing workers who do not know the technology or skill set would lose their job.

Cyclical unemployment: It refers to a condition in which people are not having jobs or work due to downturn in business cycle or cyclical fluctuations in the business cycle.

Key trends in the Australian Labor Market:

Employment growth was strong throughout 2018, particularly for full-time jobs. In fact, most occupational groups have increased their full-time staff.
Wage growth remains near record lows, with every state and industry underperforming. However, tax cuts and a boost to the minimum wage will give households some relief over the remainder of the year.
Manufacturing has accounted for almost 60% of employment growth over the past six months, bucking a long-term downward trend.

Rahul Sunny answered 1 year ago

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