Answered: What is the true level of unemployment…

Business

Economics

What is the true level of unemployment in the case of the Philippines?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter12: Business Cycles And Unemployment

Section: Chapter Questions

Problem 7SQP

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Question

What is the true level of unemployment in the case of the Philippines?

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

Expert Solution

Step 1

According to the government’s latest survey, the unemployment rate in July in the Philippines is 10.00% this year. This rate is higher than the rate in July of last year which is 5.4%. But this rate is less than the highest recorded unemployment rate of 17.7% in April of this year.

The number of unemployed people is increased by 2.13 thousand and reaches to 4.57 million, whereas the number of an employed person decreases by 1.21 thousand and reaches to 41.31 million.

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