Write My Essay Unemployment Text

The causes and impacts of unemployment economics essay the economic welfare of any country depends on the rate of the economic growth. There are several determinants or the factors for the economic development of a country like industrialization, agriculture, population, employment etc. One of the major indicator for the economic growth is employment rate, as it has an adverse impact on the whole economy.

One of the major indicator for the economic growth is employment rate, as it has an adverse impact on the whole economy. Whenever there is high degree of employment rate the production improves thereby increasing the standard of living anderson, 2006. National rate of unemployment in the united states according to the released bureau of labor statistics, the rate of unemployment in united states has increased over at an alarming rate. According to the report, the number of people who were temporarily laid off had risen by approximately 448 0 people. The statistics revealed the unemployment rates for various groups of people in the country. The rate of unemployment among men was at 7.0 percent and about 6.4 percent among women.

The rate of unemployment among men was at 7.0 percent and about 6.4 percent among women. The increase in the rate of employment among women came as a result of increase in women empowerment programs countrywide. The unemployment rate was highest among the teenagers whereby approximately 22.2 percent of the teenagers did not have jobs. This can be attributed to their lack of skills and failure in implementing better youth empowerment programs. It was highest among the blacks whereby approximately 13.1 percent of the blacks were unemployed. The poor performance of the american economy has contributed to increased rates of unemployment in the country.

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The poor performance of the american economy has contributed to increased rates of unemployment in the country. One of the most significant landmarks that have led to the increase in the rate of unemployment is the recent economic crisis in the country. Different sectors of the economy have portrayed different trends of unemployment. The leisure and entertainment sector was one of the sectors that were highly affected by the economic crisis.

The leisure and entertainment sector was one of the sectors that were highly affected by the economic crisis. The retail and marketing sector also lay off a significant number of workers during the economic crisis. In the health sector, close to half a million people have been temporarily laid off following the recent government shutdown. There has been an increase in part time jobs leading to the reluctance of companies to employ people on permanent terms. The failure of companies to invest their profits in the employment of people has contributed to the increase of unemployment in the country. Many companies in the country have embarked on other ways of spending their profits other than increasing the number of workers.

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Many companies in the country have embarked on other ways of spending their profits other than increasing the number of workers. After the economic crisis experienced in the country, many companies are cautious in increasing the number of staff. The cost of maintaining the staff in such times affects the companies negatively. Companies are seeking for an assurance of the stability of the economy before embarking on recruiting new workers. Another reason of the increase in the number of unemployment in the country is the increasing trend of the government to lay off workers.

Another reason of the increase in the number of unemployment in the country is the increasing trend of the government to lay off workers. Both the central and local governments have opted to lay off many workers in recent years. The hard economic times have forced many government institutions to lay off workers instead of seeking other ways to improve the economy. This trend has encouraged people in the private sector to emulate this example fearing the hard economic times ahead. Various types of unemployment have led to high rates of unemployment in the united states. They include structural unemployment, frictional unemployment, involuntary, cyclical, and voluntary unemployment. Statistics reveal that structural unemployment accounts more for the high levels of unemployment in the united states than cyclical unemployment.

Statistics reveal that structural unemployment accounts more for the high levels of unemployment in the united states than cyclical unemployment. Structural unemployment arises due to technological or industrial changes in the employee’s area of specialization while cyclical unemployment arises due to demand for jobs going up and down, with the season of business such as peak and off peak. Structural unemployment occurs when the job seeking population does not move quickly to vacant jobs due to skill mismatch. The employers have job vacancies, but the employees cannot meet the skill required to fill the vacancy with the available job.

The employers have job vacancies, but the employees cannot meet the skill required to fill the vacancy with the available job. Structural unemployment rate is evident in construction, finance, and real estate sectors because of the financial crisis in the united states. The workers who used to work in those sectors cannot be transferable easily to the growing sectors such as health care and education because of their mismatched skills. Homeowners in the underwater mortgages are unable to move to the growing areas due to housing burst in the sector. The mismatches between the workers and job openings in these sectors leave many workers unemployed leading to the high rate of national unemployment. Although structural unemployment is more identified with the unemployment rate n the united states, cyclical unemployment also plays a part in the unemployment process. Many people get employment in the boom period especially in the tourism, farming, and construction sectors. After the season is over, there is low demand for services, products, and these results to few workforce requirements.

After the season is over, there is low demand for services, products, and these results to few workforce requirements. Many of the employees working in these sectors are retrenched, and this leads to mass unemployment. These businesses produce and distribute their products in certain seasons and this makes cyclical unemployment rampant, in the united states. The high rate of unemployment in the united states is more attributed by involuntary unemployment rather than voluntary unemployment. Involuntary unemployment refers to when people looking for jobs are willing to work with the prevailing wage rate, but they cannot be employed. Voluntary unemployment occurs when the job seekers wage rate is higher than the employer’s wage rate. Involuntary unemployment in the united states is caused by high population, high job competition, and low education and technological levels.