Essay about The Unemployment Rate Is The Percentage Of Labor Force

1064 Words Dec 5th, 2016 5 Pages
The unemployment rate is the percentage of labor force that is unemployed according to our Principle of Economics book. Although as simple as it may seem it is much more complex in calculating the unemployment rate than what meets the naked eye. First off there are three different types of unemployment including structural, frictional, and cyclical. These calculations must be taken seriously and be very precise for they are important factors when evaluating the economy and its growth. In the following article, “President Obama Is Handing a Strong Economy to His Successor” by Patricia Cohen, she talks about how President Obama and other fellow occupants of the White House are leaving an improving economy to the President elect, Donald Trump.
When President Obama was the presidential elect of 2008, the economy was severely dropping. An estimated 533,000 jobs that November alone was the “biggest monthly loss in a generation”(Cohen). For the better, the government reported that Donald Trump can expect to inherit an economy that “has added private sector jobs for 80 months, put another 178,000 people on payrolls [this November] and pushed the unemployment rate down 4.6 percent today from 4.9 percent [in November].” This part of the article shows how much of an impact unemployment has on the economy. Surveys would have t be conducted in order to know whether this helped the cyclical, frictional, or structural unemployment. In some way I’m sure it impacted them all. According to…

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