McCann School of Business & Technology
The following essay examines unemployment, the reasons for which it Exists and the causes, which do not allow it ever to be zero. In this essay you will also read about The Great Depression how it impacted are economy and how it at related to the job rate as of today 2014 In my eyes the president Obama is very well leading are nation to another Great Depression Obama is indeed making history not only as the first black president but the worst president of all time!! Here you will see pictures and graphs to help understand the depression and what happen to the family’s what they had to do to survive. Unemployment
The problem of unemployment is one of the most serious long-term economic problem challenges in the past decades. Unemployment is a major cost to the economy not just in the terms of lost production, but it also involves major, long-term social cost such as increased inequality, poverty, family problems, crime and social division. One of the major economic debates of recent decades has been what should be done in order to reduce unemployment. There are major differences of opinion among economists about both what has caused the increasing level of unemployment during recent years, and what policies that might be used to reduce unemployment in the years to come. There are many explanations and arguments offered by economists, including: Wage rates are too high
Job losses are an inevitable result of new labor saving technologies. People do not have the opportunities for training and education. Economic growth is too low to generate adequate employment growth. Employees in developed countries cannot match the low paid people in Definition of Unemployment
The unemployment rate is the percentage of the US labor force that is unemployed. It is calculated by dividing the number of unemployed individuals by the sum of the number of people unemployed and employed. An individual is counted as unemployed if they are over the age of 16 and actively looking for a job, but cannot find one. Students, who choose not to work, and retirees, are not counted in the unemployment rate. In March 2001: was 4.3 percent, a tenth of a point increase from the January and February 2001 rate of 4.2%. The number of individuals employed decreased by 86,000. Description Total civilian population 211,171,000(Excluding those under 16, members of the military, and persons in institutions) - Not in Labor force 69,304,000 (Retired, students, individuals choosing not to work)= Labor force 141,868,000 (Total population minus those not in labor force)- Employed 135,780,000 (Individuals with jobs)= Unemployed 6,088,000 (Individuals without a job and actively searching) Unemployment Rate =6,088,000 135,780,000 + 6,088,000 = 4.3% The unemployment rate for the month of March 2001 was 4.3 percent, a tenth of a point increase from the January and February 2001 rate of 4.2%. The number of individuals employed decreased by 86,000. An unemployment rate of 4.3 percent for March 2001 is the highest unemployment rate since July 1999, but only slightly higher than the 3.9 to 4.1 percent range from October 1999 to the end of 2000. Prior to that, the unemployment rate had been in a steady decline since shortly after the last recession... Officially the unemployed are the people who are registered with the government as willing to work and able to work at a going wage rate but can’t find suitable employment despite an active search for work. Structural Unemployment
This type of unemployment exists even when there are job vaccines, due to the mismatch between skills of the registered unemployed and those required by the employers. People made redundant in one sector of the economy cannot immediately take up jobs in other sectors. Seasonal Unemployment
* Regular seasonal changes in employment/labor demand.
* Affects certain industries more...
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