Factors Affecting The Unemployment Rate Essay

960 words - 4 pages

Unemployment rates refer to the number of people who have been verified as being with no employment and who have actively tried to secure employment within the current past without success. This means that these categories of people are willing and able to work but there are no employment opportunities. The unemployed group of people does not include people who have no jobs and have not been trying to get employed. Thus to be termed as unemployed there must be some demonstration of efforts to gain employment (Trading Economics).
The bureau of labor statistics has collected the primary data on the levels of unemployment so as to help the government plan. The table and chart below represents the secondary data on the changing rates of unemployment in the United States of America for ten years (2000-2010).
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Percentage Change 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6

Within the chart, on the x-axis are the years while on the y-axis is the percentages of unemployment (Bureau of Labor Statistics).

The chart indicates that the unemployment rates have been rising steadily for the last ten years save for the small period between 2003 and 2006. This means that the percentages of qualified, able, and willing to work number of people has risen steadily over the last decade. The decade ends with a sharp rise of unemployment compared to the early years of the decade. The steady increase in unemployment rates have been attributed to a number of reasons. Some of them include:
Economic recession
Economic recession is a sphere financial crisis which affects the economic performance of a country (Visual economics). According to the chart, the unemployment rates in the United States of America had slightly decreased from the year 2003 to 2006. But then it sharply rose from the year 2007. This has been attributed to the recession which affected the united state of America from the year 2007 (Moffat).
Technological changes
In the last decade technology has been changing rapidly and in a very fast rate. As a result accomplishment of tasks and assignments has been faster and more efficient. This is mainly because the technologically efficient machines and computers are able to work faster than human beings. Consequently many employers have chosen to replace the workers whose jobs can be performed by the latest technology with machines. This has seen many American people lose their jobs to technologically efficient machines.
The vast speed of technological improvement has created a number of jobs for the people who manufacture, sell and repair the machines. For instance: computer manufacturers, sellers and technicians. But the high speed of development has also caused numerous job losses. This is because every now and then there is a new technology which is better than the previous one. Thus, employees are meant to understand and be conversant with the latest technologies. Those who are...

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