For the past century, the United States unemployment rate has fluctuation due to many factors ranging from recessions, depressions, and changes in workforce participation. Within the last decade, the United States endured a recession which caused major implications regarding the amount of jobs available and underemployment taking place. The evaluation of the unemployment of the United States takes into account many factors that many people tend to over look due to the extensive process. As of late, the unemployment rate has rounded out at around 4.9 percent, which is seen by many as an inaccurate statistic due to the vast amount of reasons that do not portray the actual representation of employment. The article "U.S. Adds 161,000 Jobs in
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In this chapter, it discusses the fact that allows for economist to determine social behavior and the confidence that citizens hold in regards to being able to be employed. Underemployed and discouraged workers are emphasized during this chapter, who are people that are part-time and want to be full-time or are people that have given up on looking for work after looking for work in the last year. These two groups addressed in this chapter relate to the discussion in the article stated above because in both resources, it is stated that underemployed and discouraged workers skew the official employment rate. For instance, most people look at the unemployment rate to determine how the economy is doing, but consider that everyone has part-time jobs with low wages producing a less than one percent unemployment rate, that does not fully represent the state of employment that a country is experiencing. In addition, the labor force participation rate, which is the percentage od the total population that is working, was around 62.8 percent in the month of October which is relatively lower compared to previous months, In chapter 20, it also states that a cause for the gradual decline in the labor force participation rate is due to the amount of baby boomers reaching retirement age. Overall, chapter 20 in "Principles of Economics" basically states that the unemployment rate has many factors that are not accounted for, but it is a very accurate way to assess the state of the economic productivity and offers a more frequently assessment than other forms of
In this chapter, it discusses the fact that allows for economist to determine social behavior and the confidence that citizens hold in regards to being able to be employed. Underemployed and discouraged workers are emphasized during this chapter, who are people that are part-time and want to be full-time or are people that have given up on looking for work after looking for work in the last year. These two groups addressed in this chapter relate to the discussion in the article stated above because in both resources, it is stated that underemployed and discouraged workers skew the official employment rate. For instance, most people look at the unemployment rate to determine how the economy is doing, but consider that everyone has part-time jobs with low wages producing a less than one percent unemployment rate, that does not fully represent the state of employment that a country is experiencing. In addition, the labor force participation rate, which is the percentage od the total population that is working, was around 62.8 percent in the month of October which is relatively lower compared to previous months, In chapter 20, it also states that a cause for the gradual decline in the labor force participation rate is due to the amount of baby boomers reaching retirement age. Overall, chapter 20 in "Principles of Economics" basically states that the unemployment rate has many factors that are not accounted for, but it is a very accurate way to assess the state of the economic productivity and offers a more frequently assessment than other forms of