Factors Affecting the Unemployment Rate Essay

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Unemployment rates refer to the number of people who have been verified as being with no employment and who have actively tried to secure employment within the current past without success. This means that these categories of people are willing and able to work but there are no employment opportunities. The unemployed group of people does not include people who have no jobs and have not been trying to get employed. Thus to be termed as unemployed there must be some demonstration of efforts to gain employment (Trading Economics). The bureau of labor statistics has collected the primary data on the levels of unemployment so as to help the government plan. The table and chart below represents the secondary data on the changing rates of…show more content…
This has been attributed to the recession which affected the united state of America from the year 2007 (Moffat). Technological changes In the last decade technology has been changing rapidly and in a very fast rate. As a result accomplishment of tasks and assignments has been faster and more efficient. This is mainly because the technologically efficient machines and computers are able to work faster than human beings. Consequently many employers have chosen to replace the workers whose jobs can be performed by the latest technology with machines. This has seen many American people lose their jobs to technologically efficient machines. The vast speed of technological improvement has created a number of jobs for the people who manufacture, sell and repair the machines. For instance: computer manufacturers, sellers and technicians. But the high speed of development has also caused numerous job losses. This is because every now and then there is a new technology which is better than the previous one. Thus, employees are meant to understand and be conversant with the latest technologies. Those who are not specialized in the latest technologies loose their jobs to people who can handle and are conversant with the latest technology. Economic inflation Unemployment due to economic inflation has been an issue for a long time all over the world. This is because from time to time some countries face sharp rise in prices as compared to other economies in the
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