The Number Of People Unemployed - 1909 Words

The number of people unemployed is defined by economists as â€Å"those of working age who are without work, but who are available for work at current wage rates.† If the number of people who are unemployed is worked out but needs to be displayed as a percentage, then it is a percentage of the total labour force. According to Sloman, the labour force is defined as: â€Å"those in employment (including the self-employment, those in the armed forces and those on government training schemes) plus those unemployed.† According to the Labour Force Survey the rate of unemployment is estimated to be 5.9% for the period of July-September 2015 which is the most recent figure to date. This rate of unemployed fell by 0.6% from the previous quarter. There are a number of different types of unemployment which is due to a number of causes. One type of unemployment is structural unemployment. This is a result of a mismatch of skills they have and what the new skills are needed to move into a new job. This type of unemployment happens when there is a long-term decline in demand within a particular industry which leads to demand for jobs to decrease as there is fewer jobs. An example would be the ship building and textile industries in Belfast. Those who are economically active are no longer trained how to build ships as there has been a long term decline within this industry. Since there was a long term decline in ship building, those who were employed in this industry may have little use with theirShow MoreRelatedCauses And Effects Of Unemployment1611 Words   |  7 Pagesunable to find any work. In addition, to define a person as unemployed, the person must be an active member of the labor force in search of work. (Encyclopedia B ritannica, 2012) Unemployment can be caused by several different factors. Depending on the reasons for unemployment, they are classified as such: frictional, structural, and cyclical. There will always be a certain number of people that are frictionally or structurally unemployed due to varying reasons in the economy. Frictional and structuralRead MoreUnemployment And The Economy By Emily B. Irwin1329 Words   |  6 Pagesforce in every economy – wages paid for labor promote consumer spending and the output of that labor is critical to a company’s success. Similarly, unemployed workers represent wasted potential production in the economy. Therefore, individuals are directly affected by unemployment and it is a significant economic concern.† (Simpson, 2011) Because most people rely on income generated by â€Å"working† to maintain their standard of living, the loss of employment often directly threatens to reduce that standardRead MoreThe Real Unemployment Rate1014 Words   |  5 Pagesactually the true figure, or is the real number being misrepresented? In effort to answer this question, one has to understand the breakdown of the U.S. population as it relates to the actual labor force. One also has to comprehend who the government considers to be unemployed. I will be analyzing the current statistical numbers provided by the BLS, as well providing a detailed analysis of the government’s perspective as to what is deemed to be employed and unemployed. As mentioned in our text, EconomicsRead MoreThe Unemployment Of The United States1026 Words   |  5 Pages In the United States, the unemployment rate measures the number of people actively searching for employment as a fraction of the labor force. While things seem to be looking up for the economy with lower gas prices and grocery bills are decreasing, unemployment still seems the plague the country. Only 63 percent of working-age Americans have a job or are actively looking for one -- the lowest share of the population participating in the labor force since 1978. (The population of working-age AmericansRead MoreLabor Is A Driving Force921 Words   |  4 PagesLauren Lawson Dr. Scott Testa EC201.3 December 1, 2014 Unemployment in America Labor is a driving force in every economy. Wages paid for labor helps increase consumer spending and is essential for companies. Unemployed workers represent wasted potential inside an economy. Unemployment arises when factors of production that are willing and able to produce goods and services are not actively engaged in production. Unemployment means that the economy isn’t meeting its goal of full employment. ThereRead MoreUnemployment And Its Impact On The Nation s Unemployment Essay1712 Words   |  7 Pagescountry and also is one of the biggest problems that we have as well. In essence it is the state of being unemployed. There are three total types of unemployment: frictional, structural and cyclical. The latest unemployment rate reported by the Bureau of Labor Statistics (BLS) was 4.9% in January. The way that we measure unemployment is BLS conducts a national survey that is random to a number around 60,000 households. They do this to determine who is employed and who is not employed. The surveyRead MoreUnemployment : A Social And An Economic Threat1127 Words   |  5 PagesUnemployment has become both a social development and a global economic threat. According to the International Labor organization (ILO) report released in 2007, more than one people are working on low wage or are underemployed, as another 178 million is unemployed (Assaad Roudi-Fahimi, 2007). In 2009 the number of unemployed people increased to 212 million. There are many causes that have contributed to unemployment. Some of the key concerns of unemployment are increase in technological change, populationRead MoreProblems Caused By Overpopulation Is The Rise Of A Place Populated With Excessively Large Numbers879 Words   |  4 Pagesexcessively large numbers’. It is considered a problem in man y senses, since it causes a number of issues for various different reasons. One major issue caused by overpopulation is the rise of unemployment. This is when people actively seeking employment or just people that are able to work remain unemployed. Overpopulation causes this because the amount of jobs available would be the same as before the city became overpopulated, meaning that there wouldn’t be enough jobs for the amount of people needing oneRead MoreInvestigative Report On Labour Market Trends1690 Words   |  7 Pagesthe bargaining power. What is Unemployment? The workforce is separated into two sections, the employed and the unemployed. An individual is defined as being employed if they work for one or more hour each week. An individual is defined as unemployed if they are currently available for work, currently searching for work and are unable to find it. As a result of an individual being unemployed, labour resources are not being utilised to their full potential in an economy. Nature, Causes and Effects ofRead MoreUnemployment is Harmful to the Health and Well-being of Families597 Words   |  3 Pagescontributing factors to consider why the unemployment rate remains so high. The unemployment rate has a lasting effect on people who have families to support. This document will review the different ways unemployment could be harmful to the health and well-being on families and of people. A weak economy is why todays unemployment crisis continues to grow and this affects people and their families. The Main Cause One of the major causes of unemployment today is the lack of capacity in the