The official measure of unemployment is the U-3 index which is the percentage of the labor face unemployed for fifteen weeks or longer. Because this indicator can only confirm the long-term trend of unemployment it is considered a lagging indicator. In the most recent U-3 report, the unemployment rate held steady at 5%. This figure is close to what is considered full employment by economists (4.7% unemployment), and consequently bodes well for the overall economy. Moreover, since the last economic downturn, the Great Recession, the unemployment rate has consistently declined (from a peak of 10% in November 2009), indicating that the US economy is growing and that more Americans are able to sustain themselves and thus pump more money back into the economy with their expenditures. Therefore, the current unemployment figure is indicative of the strong state of the
a. Unemployment As of March, 2013 the U.S. National Unemployment rate was 7.6%. A total of 11.7 million people were reported as unemployed by the Bureau of Labor Statistics. This rate is improved from the height of the recent recession, where the statistic floated around 9%, but it is still not the usual 3-4% figure we are used to seeing in regular market conditions. (bls.gov, US, 2013)
“Making it in America”, by Adam Davidson, illustrates how technology and machinery are interchanging humans in the workforce. Machines are taking over factories and leaving more employees out of work. Davidson also points out that the wage-gap is considerably increasing between un-educated and educated laborers. Corporations and companies all over the world, including the Americans, Europeans, and Chinese, are purchasing machines over hiring workers to save money.
Inequality is not favorable in society. There is inequality in many aspects of our society, such as race, and gender. The main inequality we look at is income inequality in the United States. The one percent of the population control a vast majority of the United States currency. The Gini
Student Answer: 500 total -400 working = 100 not working. 100/500= 1/5 = 20% unemployment rate of people 16 or over.
The technological revolution spanned many decades, but for the scope of this paper will be limited to the 1990s through the early 2000s. Prior to the 1990s, the U.S. technology market was dominated by foreign products. Conversely, several blue-collar industries, including the furniture industry, were thriving on U.S. made goods. The foreign technology market dominance shifted in the 1990s. The creation of several U.S. technology and dot-com companies swayed the technology market to the U.S., but this shift did not benefit the blue-collar industries.
If these trends continue, it would not only mean the gradual downfall of the United States’ human-occupied manufacturing sector, but would spur the decline of a huge middle class job market. Over 12.3 million Americans are employed in industry, therefore; the astonishingly fast escalation of a technology monopoly in the workforce is a threat to be reckoned
The Industrialization of America Many people consider America to be the leader of the technological world; however, that has not always been the case. Before America became the industrial dynamo that is today, there were multiple other countries that it had to compete against such as China, England, Japan, and Germany. While each of these countries prospered at some point throughout their technological history, America was able to learn ways to adapt in order to compete against each and every one of them. The Industrial Revolution has contributed to America in a number of ways. It has contributed to the economy and the working conditions of laborers (Saunders, 1919) (“The Industrial”, 1966). On the other hand, the industrialization of America can also be associated with some negative setbacks (Volti, 2014).
Macroeconomics is the study of the behavior of an economy at the aggregate level. Macroeconomics considers the industrial sector, the services sector or the farm sector, but not specific parts of any of these sectors. The factor studies might include inflation, unemployment, and industrial production, often with the focus the effect of government policy on these factors.
Unemployment is the state of not having or finding work. Unemployment is a big issue in today’s society with the joblessness rate being 199.4 million people or 6% of the entire world. Being so hard to find a job, the unemployment rate begins to rise. It is projected that the unemployment rate will add up 1 million additional people during the year of 2017.
I think it’s pretty common for people to picture a Caucasian male with a suit and briefcase when picturing someone with some high end cooperate job. We used to be able to blame this on the fact that many different races weren’t getting the same level of education. In these
Jadon Cohen Dr. Michele D. Kegley Introduction to Macroeconomics August 30, 2015 More Americans Returning to the Job Market “The U.S. labor market may contain more people than previously thought who don’t have jobs and haven’t been looking, which means they aren’t counted in the official unemployment statistics” (Timiraos). This miscalculation report of data means that more people are returning to the labor force faster than the Congressional Budget Office has anticipated. In other words, more Americans who left the workforce for a set period of time, will reappear in the forthcoming years as demand for labor increases in the economy. The amassed amount of labor force has resulted in the CBO lowering its estimated rate of unemployment to “5.4% this year and 5.1% next year,
In the United States, the unemployment rate measures the number of people actively searching for employment as a fraction of the labor force. While things seem to be looking up for the economy with lower gas prices and grocery bills are decreasing, unemployment still seems the plague the country.
The United States has been experiencing the lowest rates of unemployment it has seen in several years. A person is considered unemployed if he/she is of working age and is actively looking for a job but cannot find one. An unemployment rate is found by dividing the number of workers
“In June 2012, approximately 155,163,00 people were in the labor force (those actively employed or seeking employment). With a total U.S. working-age population of approximately 243 million individuals, the labor force participation rate currently stands at 63.8 percent. Out of those 155 million individuals in the labor force, 142,415,00 are currently employed, with unemployment hovering around 8.2 percent”.