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give explanation Consider the following diagram showing labour market statistics for the US: Rubies in the rubble United States, labour markets Firms' recruitment, 2006-15 average=100

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give explanation

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Consider the following diagram showing labour market statistics for the US: Rubies in the rubble United States, labour markets Firms' recruitment, 2006-15 average=100 Job-seekers per vacancy 300 Applications per vacancy 250 200 150 Hours spent on recruiting 100 per vacancy 50 2006 07 08 09 10 11 12 13 14 15 2001 05 10 15 21 Sources: "Contagious Unemployment", by Niklas Engbom, NBER working paper, May 2021; Federal Reserve Bank of St Louis The Economist a) Briefly comment on the behaviour of the variables in these two charts. What features stand out? (2 points) b) How do the variables in these charts behave in relation to the unemployment rate and the business cycle? Briefly explain. (3 points) c) What types of unemployment are there? Name and briefly describe them. (4 points) d) Why is joblessness stubbornly high after a recession? Briefly provide some possible explanations. You should also refer to the above diagram. (5 points)

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