Unemployment Rates And How It Affects Our Wages

906 Words Dec 12th, 2015 4 Pages
Essay 1
My first essay is going to be about unemployment, unemployment rates and how it affects it affects wages. Unemployment is defined as by the U.S. Bureau of Labor Statistics as “people who are jobless, actively seeking work, and available to take a job.” This means that if you are not looking for a job or you are not attempting to find one then you are not a part of the labor force. In the labor force you are either unemployed or employed or even discouraged. Unemployment rate is important today because it shows which way the economy is moving like is it moving down the graph or is it moving up. When the line is moving down the graph it means that the unemployment rate is dropping. When it is moving up the graph it shows that the unemployment rate is increasing meaning more people will lose their job. To find the unemployment rate all you have to do is divide the number of unemployed over the entire labor force, so to get the labor force you add the unemployed and the employed. If you are a discouraged worker it means that you don’t have a job because you are not finding one even though you are able to work if you try to. Sometimes if you are discouraged it means that you were unemployed and you couldn’t find a job and now you gave up trying to find one.
There is an article in CNBC where they were saying that the unemployment dropped down to 5%. Also they are saying this is the lowest it has dropped in like 7 years. With this in mind I think that it will be harder to…

More about Unemployment Rates And How It Affects Our Wages

Open Document