Unemployment is an important economic indicator. Have the writers at Paper Masters explain the statistics and rational behind this economic indicator and how it fits into predicting the health of a nation. Economic researchers will gather the most recent data and help you understand how unemployment plays into the overall economic equation of a nation.
Unemployment is the status of being without a job and unable to provide for ones livelihood. There are many reasons for unemployment some of which are voluntary decisions that individuals make. Involuntary unemployment is brought about by a negative economy. There can be many causes for involuntary unemployment. Some of these include the following:
- A company downsizing for fiscal reasons
- A person breaches a contract
- An employee is fired for misconduct
An individual is considered to be unemployed if they have not job, have actively sought employment within a months period, and are available to begin employment immediately if hired. Workers who are laid off because of seasonal or temporary work are still considered unemployed and are counted in the unemployment rate even if they plan on returning to their employer when work becomes available again.
Unemployment rates tend to be higher during times of recession and lower during times of economic strength. The United States has been collecting data concerning the unemployment rate since the 1940s.
- The lowest recorded unemployment rate in the United States was recorded at 1% during World War I
- The highest rate was recorded at 25% during the Great Depression.
- The United States average unemployment rates is around 5.8%.
- Historically the unemployment rate for people with a college degree is lower than the unemployment rate for people without higher education.
Individuals who are unemployed can receive unemployment benefits from the government to help provide some financial help while they seek future employment. These benefits are usually only a small percentage of the lost wages and the recipients must meet qualifying conditions.
Questions to Answer in Your Project on Unemployment
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time?
- Write your individual answers to the questions listed above together in essay format using correct economic terms covered in the discussions.
- Key concepts to include in your paper--data trends on unemployment, inflation, GDP growth, expansionary fiscal policy tools, FOMC, easy money policy tools and other terms from this class.
- You must use at least one article to support your findings and analysis on unemployment.
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