... YANG SUBJECT: U.S UNEMPLOYMENT RATE DATE: APRIL 10, 2016 Unemployment is a familiar and sensitive concept for people in the labor force. In particular, during the recession, a lot of people will loss the job and unemployment can have a great influence to the social stability. This memo will start with the definition and measurement of unemployment. Then it will show the impact of unemployment to the nation and the relationship between unemployment and GDP. After that, it will continue to discuss the how the unemployment rate will affect the Federal Reserve decision regarding to rate. In the end, historical data from different categories will be displayed to further discuss unemployment. Definition and Measurement Unemployment occurs when people are actively seeking for jobs but cannot find a job. The unemployment rate is a quantitative...
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...Judith Lopez Lopez 1 English 103 Professor Kirkley April 17, 2014 Who is to Blame for the Unemployment Rate Many of us go to school to have better opportunities in life. We achieve an education to potentially have not only a worthy career but also an enjoyable one. The truth is that unemployment levels in middle age individuals have raised drastically. This affects all of us in a way we have yet to imagine. While some of us attend college, many of us are also part-time employees. We are most likely to work as routine producers. Rountine producers perfom various tasks from working in a warehouse to telemarketers and so on. Others may work as in-person servers such as waiters, sales persons, cashiers, ect. Little by little these jobs are vanishing and drying at a very rapid pace. So ask yourself, is it the governments responsibility to provide jobs for routine workers. In my opinion not only is it the governments obligation to provide an environment where job creation can occur but it is also the government’s responsibility to generate a society that is conducive to a successful lifestyle for its citizens. Afterall they have the ability to control some common factors associated with the problem such as tax credits, underwrititng exports, minimum wage, and immigration. Routine production in the United States wasn’t at all bad, in fact that’s how many of our parents made a living and sustained a household. The truth is that now things have drastically changed,...
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...3.0 Unemployment Unemployment is defined as a situation where someone of working age is not able to get a job but would like to be in full time employment (Pettinger. T, 2010). In a modern economy, unemployment has a variety of causes. Some of them relate to the general level of economic activity, others are the result of a failure of the labour market in an economy to work optimally. Among the main types of unemployment, we can consider real wage unemployment, demand deficient unemployment, frictional unemployment, structural unemployment and hidden unemployment (Tutor2u, 2014). Table 2: Unemployment Data of Malaysia (2003 - 2012) Year | Unemployment rate | 2003 | 3.61 | 2004 | 3.54 | 2005 | 3.53 | 2006 | 3.33 | 2007 | 3.20 | 2008 | 3.30 | 2009 | 3.70 | 2010 | 3.40 | 2011 | 3.10 | 2012 | 3.10 | (Source: World Bank, 2014) Figure 2: Unemployment Data of Malaysia (2003 – 2012) (Source: World Bank, 2014) Based on the data table 2 shown above, Malaysia consists of 10 years fluctuation unemployment over the business cycle which starts from the year 2003 until year 2012. In the year 2003, the unemployment rate is 3.61% and contraction up to 3.54% and 3.53% in the year 2004 and 2005 respectively. In the year 2006, the unemployment rate has decrease to 3.33% and continues to drop until 3.2% in the year 2007. In the year 2008, the unemployment rate has slightly raised back to 3.3%. Malaysia encountered a serious unemployment which rises...
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...U.S. Unemployment Rate- January 2013 According to the Bureau of Labor Statistics (BLS), the U.S. unemployment rate was essentially unchanged for January at 7.9% (http://www.bls.gov/news.release/empsit.nr0.htm). Although nonfarm payroll increased by about 157,000 the unemployment rate wasn’t affected and has remained at or near the same rate since September 2012. The year over year (Jan. 2012 to Jan. 2013) unemployment rates dropped by about .4%, down from 8.3%, but the number of persons not in the labor force also grew by about 1.1 million over the same period. Industries that reported adding jobs were retail, construction, health care, and wholesale. Industries that shrank included transportation and warehousing. Looking at unemployment by major worker groups (adult men, adult women, teenagers, whites, blacks, Hispanics, and Asians) was unchanged. Also unchanged was the number of long-term unemployed at about 4.7 million, accounting for 38.1% of the overall unemployed. These are individuals who have been searching for work for 27 weeks or more. In January, the number of persons marginally attached to the workforce dropped by about 366,000 to 2.4 million. Of these 2.4 million, 804,000 were not counted in the unemployment rate due to being considered discouraged and 1.6 million were not counted in the unemployment rate because they had not searched for work in the prior four weeks for reasons such as school or family responsibilities. According to a New...
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...Macroeconomics and Rate of Unemployment Oria Cummings Embry-Riddle Aeronautical University Macroeconomics and Rate of Unemployment In essence, macroeconomics is the study of economy as a whole. Unlike microeconomics, which relates to the study of a single decision and ways it affects other economic variables, macroeconomics strives to understand aggregate economy and ways it is affected by changes in employment, local production, and inflation. Further, the government through the central bank and other bodies uses analytical models to understand changes in aggregate economic determinants such as economic growth or rate of employment thereby formulating policies that strive to accelerate economic growth. Understandably, one of the economic variables that help establish aggregate changes in the economy is changes in rate of unemployment. Unemployment refers to a number of persons ready and willing to work in particular type of a job at current market for pay but cannot secure one. In essence, unemployment as an economic indicator measures the health of the economy (Mercatus.org, 2016). For instance, high rates of unemployment indicate poor performing economy, while a decline in the rate of unemployment indicates a healthy economy or economic growth. Therefore, a measure of the rate of unemployment is an aggregate used to determine economic performance and changes that affect the overall performance of the economy. Therefore, this essay strives to elucidate aggregate economy...
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...Christine Dikongue – 211 200 730 Mike Graham live in Ontario, he has 2 post-secondary diplomas one in Political Science and another in legal studies, he also have one college degree from Seneca on the go. The only job he found was as landscape labourer. Why do graduate students have difficulties to find work nowadays? Is work the new gold? A look at the economics reason for high youth unemployment rate What really creates jobless youth is the recession, it has a stronger effect on youth rather than other coworkers, in Canada the youth unemployment increased from 9,5 percent in 2007 to 14,7% in 2011. This has happened due to the lack of training program such as internship in College and universities. Those post-secondary institutions should be focusing on the professional experience of the students rather than the theories, they should explain to student tips and tricks to get a job or how to ace an interview. The problems the youth experience throughout there schooling is that they are deprived of a proper education when it comes to topics such as careers and how to apply for a job. In the post-secondary education we need to inform the youth on how the office environment is, how to write a proper resume and how to present your self to the competitive world....
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...The Resolution to Raising the Unemployment Rate in the United States Precious Johnson CM 104-04 Professor Johnson 8/24/2010 The Resolution to Raising the Unemployment Rate in the United States There are a lot of things in life that are not guaranteed or secure, therefore people should live their life to the best of their ability. Everyone wants the feeling of job security, but the reality is there is none. The rising unemployment rate amongst the United States citizens has been a major problem for a few years now that is greatly affecting our economy. The problem of the rise in the unemployment rate in the U.S can be solved by big business’ creating more jobs in their companies, banks approving more business loans for small businesses, and the government giving out stimulus packages to the people to help boost the economy. This is a problem that must be solved if the United States wants to move forward in a better economy. The spike in unemployment has pushed some private sectors to create more positions within their company, but it still isn’t enough to improve this difficult time the U.S. is facing. Irwin and Montgomery (2010) reported “private employers added only 83,000 jobs in June, the government said Friday, too few to keep up with growth in the working-age population” (p. 1). The employment rate is not getting better, but it is dropping at a slow gradual rate. Americans have practically given up on joining the labor force altogether...
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...Will It Get Any Better Soon? : Unemployment Rates Ariel Cooper Business Economics GM545 Summer 2011 alcoop86@gmail.com Chapter 16, Question 5 In the US economy there is always some level of unemployment present. There are people losing jobs, leaving jobs, taking temporary hiatus from employment, on a daily basis. For the purpose of this exercise will be taking an in depth look at what a specific type of unemployment entails. This unemployment type is called Frictional unemployment. Let’s begin by defining what frictional unemployment is; frictional unemployment refers to the “natural” unemployment of our economy. This is described as the transitional period in which people move from one employment position to another, sometimes experiencing up to a few weeks in between positions. (Stone, Core Economics, p. 443) During this period of time these people are frictionally unemployed, they may already have a new position waiting on them to start, or they may be holding out in search of a better employment opportunity. Frictional unemployment can also refer to when a business decides to promote a hiring freeze and does not bring in new talent due to the assumption that there are not enough qualified candidates, when in fact there are. We will now discuss why frictional unemployment is important to have in any economy. Frictional unemployment is important to have in the economy because there is a constant reallocation of resources from one productivity level to another...
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...The Bahamas, like most countries, is encumbered by a variety of issues, for example crime, illegal immigration, education reform, economic growth and unemployment. These issues are reported by numerous medias one of them being newspapers. Newspapers are a reliable and popular source of receiving information. Frequently “newspaper vendors stand at the roadside during the morning rush hour, selling copies of the daily papers” and “commuters stop their cars amid traffic to buy copies” (Benjamin & LeGrand, 2012, p. 22). In The Bahamas there are two commonly read local daily newspapers, The Nassau Guardian and The Tribune (Benjamin & LeGrand, 2012). On October 23rd, 2013 the Department of Statistics released its 2013 Labour Force Survey, which was conducted in May 2013 and showed that the unemployment rate in the Bahamas had increased from 14% to 16.2% (Thompson, 2013). The following day, The Nassau Guardian and The Tribune reported on this topic. This paper seeks to analyze the manner in which these two newspapers covered this topic. Newspaper coverage of the increase in the unemployment rate in The Bahamas The Nassau Guardian and The Tribune Both The Nassau Guardian and The Tribune had the matter of the unemployment rate increasing as their front page news article. Clearly both newspapers felt this was an important topic because only significant and meaningful stories are placed on the front page of a newspaper, above the fold and toward the left of the page (Baran, 2006)....
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...ASEAN ECONOMIC INTERGRATION IN 2015 AND UNEMPLOYMENT RATE IN THE PHILIPPINES Elah Czarina C. Andal, CPA IR 204 INTRODUCTION A little over a year ago, the author attended a forum entitled “The Road to ASEAN Economic Community: Maximizing Opportunities and Facing Challenges.” The introduction in the forum’s invite included the following: “The 10 ASEAN member nations are moving towards integration, with the goal of forming an ASEAN Economic Community (AEC) by 2015. Designed to boost regional resilience, the AEC will create a single market and production base characterized by the free flow of goods, services, investments, capital and skilled labor.”1 With much optimism, the author takes note of a promise of greater opportunities for Filipinos as a result of the 2015 ASEAN economic integration and eventual formation of AEC. Further with excitement, the question as to whether this integration comes with the promise of lower unemployment rate in the Philippines beginning 2015 was posted. BACKGROUND AND STATEMENT OF THE PROBLEM Several studies have been made and many articles have been written regarding the ASEAN economic integration as well as the AEC. This would include those which explain what will happen in 2015 when the integration takes place, those which challenge the readiness of the Philippines for the free trade economy or the preparation for it, or those which presents its impact to the country (both on the perspective of opportunities and challenges). This paper focuses...
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...Understanding the Factors Affecting The Unemployment Rate Through Regression Analysis An Individual Report Presented to The Faculty of Economics Department In Partial Fulfillment To The Requirements for ECONMET C31 Submitted to: Dr. Cesar Rufino Submitted by: Aaron John Dee 10933557 April 8, 2011 1 TABLE OF CONTENTS I. INTRODUCTION 4 A. Background of the Study 4 B. Statement of the Problem 5 C. Objective 5 II. THEORETICAL FRAMEWORK AND RELATED LITERATURE 6 A. GDP 6 B. Average Years in School 6 C. Population 7 D. Literacy Rate 7 III. OPERATIONAL FRAMEWORK 9 A. Model Specification 9 B. List and Description of Variables 9 C. A-priori Expectations 10 IV. METHODOLOGY 12 V. EMPIRICAL RESULTS AND INTERPRETATIONS 13 A. Regression of the Original Model 13 2 B. Summary Statistics 15 C. Testing for Misspecification in the Model 16 D. Testing for Multicollinearity 17 E. Testing for Heteroscedasticity 18 VI. CONCLUSION 21 VII. BIBLIOGRAPHY 22 3 I. INTRODUCTION A. Background of the Study When we were still kids, we dream of what we want to be in the future. Older people will usually ask us if what we want to be in the future. Most of us will say, they want to be a doctor, lawyer or engineer to name some. We think and think about our career, but once we are already in the college level, we now dream to become successful...
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...many suffer from some unemployment; henceforth, their way of life is impeded by the lack of income. Although there are 6.1 million job openings and 5.3 million hires(as of September 2017), long-term unemployment still presents an issue in America today(Job). 0.8 million unemployed people are consequently...
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...A strong flexible labor market How did the reforms of the last decade impact the unemployment rate in Germany? – A strong flexible labor market When Gerhard Schröder took to the podium in the Bundestag on March 14th, 2003, Germany was called the “sick man of Europe”. A widespread assumption was that unemployment could never be defeated, The Economist Introduction: The German labor market experienced remarkable transitions during the past decade. In the beginning of the millennium, Germany was a country with an unemployment rate (see appendix 1) ranging between 9.5% and 11.5% (Deutsche Bundesbank) with almost 39 million people employed all over the country (see appendix 2). Until the beginning of 2003, the governmental support to unemployed people consisted of three main patterns: unemployment insurance, unemployment assistance, and supplementary social welfare. Supporting these three pillars, Germany was suffering high costs with long-term unemployment benefits, low job acceptance rate and bigger proportion of low-skilled labor. Between 2003 and 2006, the German federal government implemented series of reforms aiming to impact the supply side of labor by increasing incentives for unemployed workers to accept jobs and reducing the level and duration of their benefits. With this research paper, we will analyze the impact of these reforms in the unemployment rate. The Agenda 2010: The agenda 2010 was a series of reforms organized and executed by the federal government SPD and...
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...I define a social problem as a negative event or circumstance, that effects a wide range of people, but is also viewed as an issue to a wide range of people. Further, something would unlikely be classified as a social problem if only three people saw it as a serious issue. When I think of social problems domestic violence, abortion, homelessness, and unemployment come to mind, just to name a few. I am going to focus on unemployment. Unemployment is an issue that not only effects the US, but effects other nations around the world. Although the unemployment rate in the US is about 2% lower than it was in 2014, it is still an issue, especially for those who are personally effected by it. The unemployment rate for the US is currently 4.80%, according...
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...CASE STUDY H&M WORKPLACE Fire safety is a major issue in Bangladeshi garment factories. Poor electrical installations and bad maintenance often create significant fire hazards. In order to make a safe workplace the norm throughout the sector, we think that it is essential to involve all stakeholders such as the government, industry organisations, trade unions and other brands. This is why we developed two training films to increase fire safety awareness amongst employees at all levels in garment factories. We teamed up with 18 other brands and employer associations in the sector, BGMEA and BKMEA, to spread this training. According to BGMEA, more than 1,250 factories and 100,000 workers received the training. Based on a study that we conducted in 2011, we raised the concern of lapsed fire-safety licenses with the Government of Bangladesh and engaged the Bangladeshi University of Engineering and Technology as well as a specialist to assess the electrical installation in four factories. These assessments were finalised in spring 2012 and their results were presented to concerned stakeholders at a seminar in Dhaka. The most common shortcomings in regards to electrical safety such as poor-quality materials, poor maintenance and lack of proper electrician training were discussed. During the seminar, a number of actions were proposed, including introducing stricter legislation and inspections. In order to set a good example, we have stipulated that all our supplier factories...
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