jobs and unemployment

• Claimant unemployment - measure of all those in receipt of unemployment related benefits, easy to collect stats however exclude those available for work but not eligible for benefits, tend to understate and sensitive to government changes 
• Standardised unemployment rate- unemployed is defined as people of working age who are without work, available to start within 2 weeks and actively seeking employment used by international labour organisation and the organisation for economic co-operation and development 
• Nominal wages rates are the actual value of wage rates paid to workers. The real wage rate is this expressed in terms of purchasing power to workers and purchasing cost to employers therefore it is corrected for inflation.
• Real wage unemployment- when trade unions use their monopoly power to drive wages above market clearing level or government sets the national minimum wage too high.  However this could lead to extra consumer expenditure which increases aggregate demand.
• Frictional (search unemployment) - when people leave their jobs (voluntarily or redundant) and are unemployed while looking for a new job
• Structural unemployment - where structure of economy changes, change in pattern of demand or methods of production
• Seasonal unemployment - demand for certain types of labour fluctuates with seasons of the year
• Cyclical unemployment - component of unemployment resulting from economic upturn and downturn