Explain the basic patterns of
Explanation of Solution
The pattern of unemployment since 1960s:
The unemployment rate was 4.8% in the 1960s, which increase to 6.2% in the 1970s and 7.3% in the 1980s. There was a decrease in the unemployment rate in the 1990s to 4%.
Due to the recession in 2008, the unemployment rate increases from 4.6% in 2007 to 9.6% in 2010. Unemployment among the less educated is higher; it was 14.9% for college failure and 4.7% for college graduates.
Unemployment was higher among younger workers, which is 27% for teenagers and only 7% for age group 45 years to 65 years.
Unemployment rates are higher among blacks, which is 14.8%. Unemployment rates are higher among women, which is 15.3% for women and only 9.8 % for men. The unemployment rate has been around 4.6%.
Want to see more full solutions like this?
Chapter 12 Solutions
LABOR ECONOMICS LOOSE PRINT UPGRADE
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning