Unemployment Is A Key Macroeconomic Indicator

The unemployment rate is calculated by measuring the number of unemployed over the total labour force (anyone 15 years or older who currently has a job or is actively seeking) [x100]. While the government does not aim for 0% unemployment as this has negative consequences, it is

Unemployment is currently measured in the United States by counting those who "do not have a job, have actively looked for work in the prior four weeks, and are currently available for work" (Leonhardt). This means that a great deal of people are not counted as unemployed because they are discouraged and have not looked for work in the past four weeks. Or, the person was injured in some way and they are "not currently" available for work. This does not mean that the people in either of these groups do not actually wish to find work, but it does mean that they are not counted because of an archaic system that has been used by

The more Americans employed means we as a nation are experiencing economic growth. However, if there is a high unemployment rate this interprets that more Americans are struggling in our economy. There are several types and reason for high unemployment. Though America’s unemployment rate was 5.6%, as of December 2014, every state’s unemployment rate varies for different reasons. America’s unemployment rate has a direct negative impact on our entire nation’s economy and affects individual firms, organizations, and people.

There are three different kinds of unemployment that affect our economy: frictional, cyclical and structural. Frictional unemployment occurs when there is a time laps between being employed and looking for work. This term can also be referred to as search employment because it is the time spent searching for a place of employment. One example of this would be a student taking time off of work to finish college and get a 4 year degree. Usually, it takes a lot of time and dedication to finish the last years of school, so some students tend to go to school full time and work part time or not at all. This type of unemployment is also classified as voluntary unemployment because this period of unemployment is at the discretion of the person to some small degree. Secondly, there is cyclical unemployment which changes depending on the business need; for example, workers are laid off when business is bad - then

The unemployment benefit was supported by Great Britain’s government, by establishing eligibility rules based on prior contribution. The Labour Force Survey carried out in (2017), demonstrated that the number of people in the workforce from August to October increased, while the number of unemployed also decreasedto 47% and the number of people aged sixteen years to sixty-four years old are not working, neither do they have an interest to work. These categories of people are referred to in Great Britain as

Before one can understand the various components of unemployment it should first be understood what exactly unemployment is. Unemployment is defined as people who are currently not employed, available for work and tried to find a job within the last 4 weeks. (Makiw 299). This means that not all people without a job are necessarily considered unemployed. Workers without a job who are no longer searching for a job fall into the category of discouraged workers. This group of individuals is not included in the figure for finding the unemployment of a

Unemployment levels in Newcastle-Upon-Tyne appear to be very poor when measured against the England average; with 10.6% of the adult population unemployed in Newcastle, which is higher than that of the England average which stands at 7.90% (Newcastle.gov.uk, 2014). Newcastle also has a large quantity of people who are without work and claiming benefits. 15.6% of the working age population also represents a considerable number of people who are unemployed and claiming benefits in Newcastle (Newcastle.gov.uk, 2014). Additionally

Unemployment is measured by the International Labour Organisation (ILO) who conduct a Labour Force Survey (LFS) and through the Claimant Count. The Claimant Count measures those who are claiming Job Seekers Allowance whilst the LFS is a sample survey which is used for the official figures in the UK as this allows comparisons internationally. Through these measures, it is then possible to identify the unemployment rate, which is defined as “the number of unemployed expressed as a percentage of the labour force”. (Sloman 2005 p. 787)

The unemployment rate is a good indicator of the overall economic health of a country. When unemployment is high this generally indicates a weakened economy with many people out of work. Unemployment is also related to the inflation rate. When inflation is high then unemployment is typically lower because more people have to work since the money they have is worth less. When inflation is lower then people have less of an incentive to trade their labor if they already have some wealth accumulated. However, there are also exceptions to this trend. Currently in the UK the inflation rate is slightly over seven percent (7.2%) which is relatively high (Office for National Statistics, 2012).

“Unemployment is high (8.3% of the working population, with youth unemployment alone now at over 1 million” Unemployment doesn’t just effect an individuals financial status and social economic group. Unemployment can cause and aggravate mental health. Unemployment can lead to financial difficulties many people struggle with state benefits being their only source of income. The unemployed have constant battles to settle bills and purchase necessities with often turning to pay-day-loans and credit cards. Unemployment can lead to person belonging and housing

In the US, with a population of 320 million and a working wealth creating population of around 120 million, with 47 million on food stamps (an estimated increase of 27% since 2008), the unofficial estimated unemployment figure is 23 - 26%. The variation lies between including people as unemployed and ignoring those, ‘not in the labour force’, which is where the skewed figure of 4.7% comes from. Using the same semantics, Britain changed the term unemployed to job seekers in 1996, lowered unemployment at a stroke, yet left a nation of millions seeking work and by the same method, produced an amazingly near equal 4.9% of officially unemployed as America.

Unemployment refers to the numbers of people not working and can be measured by the claimant count and labour force survey. There are different types of unemployment and each of them requires different policies to overcome them.

The spatial distribution of the population who are unemployed are increasingly uneven. Much of the data on unemployment illustrates the strength of the north/south divide yet again. For example, the proportion of men of working age who are unemployed is double in the North East of Britain compared to that of the South East (6.). Regional inequalities are vast and severely disadvantage those who live in certain areas. In addition, (6.) explores the positive correlation of unemployed people claiming sickness or disability for reason for not working with overall unemployment rates. The rate of sickness or disability reasons for unemployment accounts for nearly half of all unemployed males in the North East, whilst it is three times less in the South

The causes of unemployment are diverse, at present we are faced with different types of unemployment which are as follows: 1. Voluntary unemployment this shows people who are reluctant to work at the current wage rate. Voluntary unemployment is a national waste of human energy which is

Unemployment over the years has fluctuated up and down, I will be going over and highlighting events that have affected the UK labour market. In 1993, the unemployment rate was at 3 million and steadily decreasing along with people on job seekers allowance and managed to reach 1.4