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Video instructions and help with filling out and completing What Form 8815 Unemployment

Instructions and Help about What Form 8815 Unemployment

Now, that we know the term "unemployed" means not working but seeking work, you need to recognize that there are different types of unemployment. Some are of longer duration and/or have more serious consequences for the economy than others. Frictional unemployment is unemployment due to the natural frictions of the economy, which is caused by changing conditions. It is represented by qualified individuals with transferable skills who change jobs. Examples might include a short-term contract engineer who seeks a new position every 6 to 18 months as his or her contract expires. This person has the skills to move to a new contract position. Another example is a full-time college student who was not previously unemployed but starts interviewing for jobs. Once the student starts seeking work, he or she becomes part of the labor force as long as he or she has the education and skills necessary to start a job. It counts as frictional unemployment. Frictional unemployment is typically of shorter duration than some of the other forms of unemployment. Structural unemployment is unemployment due to structural changes in the economy that eliminate some jobs and create others for which the unemployed are unqualified. One really good example that I can think of is from the 1990s when the North American Free Trade Agreement (NAFTA) was passed. With the passage of NAFTA, the U.S. lost a lot of blue-collar factory type jobs but gained white-collar jobs in computer programming or finance. Workers laid off from their factory jobs couldn't very well apply right away for a high-tech job. They would need to go back to school for a whole new type of training and education. Some who got laid off were older workers who were not interested in going back to school at all. Overall, structural unemployment is a...