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The term “unemployment” is often misunderstood, it as it includes peop

Hassan_Rajpot
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Synopsis
Demand deficit unemployment is the biggest cause of unemployment that typically happens during a recession. When companies experience a reduction in the demand for their products or services, they respond by cutting back on their production, making it necessary to reduce their workforce within the organization. In effect, workers are laid off.
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Chapter 1 - The impact of unemployment can be felt by both the workers and the national economy and can cause a ripple effect. Unemployment causes workers to suffer financial hardship that impacts families, rela

Unemployment that lasts longer than 27 weeks even if the individual has sought employment in the last four weeks is called long-term unemployment. Its effects are far worse than short-term unemployment for obvious reasons, and the following are noted as some of its effects.

Some 56% of the long-term unemployed reported a significant decrease in their net worth.

Financial problems are not the only effects of long-term unemployment as 46% of those in such a state reported experiencing strained family relationships. The figure is relatively higher than the 39% percent who weren't unemployed for as long.