Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Seasonal Unemployment

Synonyms:economic decline, periodic unemployment, seasonal employment
Filed Under: financial-banking, legal-contracts, mortgages, taxation
Tags: banking, contract, legal, mortgage, taxes

Definition of seasonal unemployment

seasonal unemployment
1. Changes in the climate and other economic conditions can cause higher unemployment at various times throughout the year. For example, forestry, fishing, and construction are often affected by weather and are only viable during certain months of the year. Retail sales positions are also affected by seasons and holidays because of consumer shopping trends and patterns. For example, additional staff is required during peak shopping seasons such as Christmas.

Related Terms and Acronyms:

  • active income   Active income refers to wages, tips, and profits from your business or employment that you partake in. It also includes portfolio income such as interest and dividends, but you cannot usually offset active income with passive losses.
  • cost of living adjustment (COLA)   A method used to keep salaries and benefits in line with inflation by following an index such as the Consumer Price Index.
  • economic indicators   Statistics that help determine how the economy is faring. They include the Consumer Price Index, housing starts, and unemployment rates, among others.
  • employment insurance (EI)   A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
      ➥  Formerly known as Unemployment Insurance (UI).
  • stagflation   A time period where the unemployment rate and the rate of inflation are both relatively high.
  • unemployment rate   The percentage of the labour force that is not employed but currently seeking work.

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