Unemployment and its Types
Unemployment is a scenario in which people who are looking for work are unable to find work (Moffatt, 2015). Unemployment rates are frequently used to gauge a country's economic health. Unemployment is classified into three types: structural, frictional, and cyclical. The economic ups and downs that occur during booms, depressions, recessions, and recoveries produce cyclical unemployment. When the economy is in a slump, jobs are lost, and this is referred to as cyclical unemployment. Frictional joblessness is caused by the natural turnover of labor markets and the time it takes for people to find new jobs. In the labor markets, different workers always change jobs, and it takes the time to match up the potential employees with the new employers. Structural unemployment occurs to the absence or deficiency of demand for a particular type of workers. It takes place where there is a mismatch between the skills that employers require and those that the employees possess (Moffatt, 2015).
The Unemployment Rate in San Antonio
The unemployment rate in San Antonio in the month of August 2016 as compared to the same month the previous year. It averaged 4.1 percent, equivalent to about 46000 people. In the month of August 2015, unemployment rate at San Antonio was 3.9 percent (Mosbrucker, 2016). The two main industries in San Antonio that posted the largest losses in August 2016 were the manufacturing and oil-and-gas industries. As a result of the losses, there was the loss of about 1200 jobs in the mining and logging industry while jobs in the manufacturing sector were reduced by 1400 vacancies in number (Mosbrucker, 2016). San Antonio has a thriving job market that is characterized by growing employment opportunities in the renewable energy, manufacturing, and the bioscience industries. It is a destination city with hospitality and leisure industries being well-represented and offering employment opportunities to about 124000 persons. Other main employers in the city are the homegrown supermarket chain, Fortune 500 Company, and Northside Independent School District (Mosbrucker, 2016). San Antonio as a city has massive potential in terms of economic growth and development. From a personal perspective and the enumerated facts, there is a broad job market in the city, and it is likely to grow further both in the short run and the long run.
References
Moffatt, M. (2015). Do You Know What the Three Types of Unemployment Are?. About.com Education. Retrieved 24 January 2017, from http://economics.about.com/od/typesofunemployment/p/three_types_of_unemployment.htm
Mosbrucker, K. (2016). Cite a Website - Cite This For Me. Bizjournals.com. Retrieved 24 January 2017, from http://www.bizjournals.com/sanantonio/news/2016/09/19/san-antonio-metro-area-unemployment-rate-higher-in.html
