Unemployment- Economics

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UNEMPLOYMENT:

Unemployment occurs when a person who is actively searching for employment is unable to find work. Unemployment is often used as a measure of the health of the economy. The most frequently cited measure of unemployment is the unemployment rate. This is the number of unemployed persons divided by the number of people in the labor force.

http://www.investopedia.com/terms/u/unemployment.asp#ixzz2NJ3XTGJR

Unemployment causes many problems for the whole society
YEAR| PERCENTAGE| PEOPLE|
1966-1972| Less than 2%| 4000|
1973-1981| From 2%-6%| 80,000|
1982-1983| 28%| From 88,000-189,000|

The economic recovery in the last 6 months of 1983 became much stronger over a long period of time. Employment grew by almost 1.6 million between August 1983 and August 1990, which then left a average annual growth rate of 3% .Because of the strong economic recovery over time it continued until 1988 leaving high levels. Between August 1983 and August 1988, employment grew by 1.1 million, yet the number of long-term unemployed fell by only 36,000 to 153,000. YEAR| PERCENTAGE| PEOPLE|

1983-1988| 28%| 189,000 fell to 153,000|
Women aged between 35-44 years old had an advantage over the strong employment growth, The labour force participation rate of women in this age group rose from 57% to 71% between August 1983 and August 1990 and the number employed increased by 337,000 (62%). This represented 22% of the total employment growth in the period. But , much of the jobs that women had was just part-time and casual work. YEAR| PERCENTAGE| PEOPLE|

1989-1993| 38%| 108,000 to 334,500|
There was a major depression from 1989 to 1993 for Australia which then the unemployment rose to 334,500 and the percentage was 38%. UNEMPLOYMENT
AND
LONG-TERM
UNEMPLOYMENT RATES
INCIDENCE
OF
LONG-TERM
UNEMPLOYMENT

Economic depression :
In economics, a depression is a sustained, long-term downturn in economic activity in one or more...
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