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Great Recession and Job Market - Research Paper Example

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Name of author: Great Recession and Job Market There are no areas in our social life which escaped from the negative impacts of the recent financial crisis. Some economists are of the view that the recession period is over and the economies in the world are slowly coming back to its growth phase whereas others are of the view that the world has not fully recovered from the recession problems yet…
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Great Recession and Job Market

Download file to see previous pages... Because of the huge advancements in technology and the subsequent developments in industrial sectors, it is a fact that job openings are huge in number in many parts of the world. America and Europe are regions which are facing severe manpower shortages in the employment market. For example, the majority of the nursing professionals working in America and European countries are from India, Pakistan or Philippines like countries where manpower resources are surplus. Moreover, America is currently outsourcing a substantial portion of their jobs to Asian countries because of skilled manpower shortage. According to a study, “More than 1.3 million additional Western jobs will vanish by 2014 due to "the accelerated movement of work to India and other offshore locations” (Statistics Related to Offshore Outsourcing). Jacob (2011) has pointed out that “There are millions of Americans that have not been able to find a full-time job even after searching hard for an entire year" (Jacob) At the same time, it should be noted that the current recession was not much serious when we compare it with the Great Depression in the decade preceding WW2. However, one of the surprising facts is that unemployment problems were not much severe during Great Depression as in the case of current recession. “The unemployment rate in the United States was last reported at 9.1 percent in September of 2011. From 1948 until 2010 the United States' Unemployment Rate averaged 5.70 percent” (United States Unemployment Rate). In short, both Great Depression and current recession affected the employment market differently. During Great Depression many graduates were able to land a job due to the scarcity of qualified workers, but in the current Great Recession, there is an abundance of college graduates and the demand for them has gone down immensely because of the availability of cheap labour in other parts of the world in this extremely globalized world. During Great Depression, the number of qualified people was less in number whereas the demand for qualified people was more. In other words or in terms of economics, supply of labour force was not adequate to meet the demands during the Great Depression period. It should be noted that industrial revolutions were taking place across the world during that period and therefore job openings in the manufacturing sector was huge. Population size was not so big during the Great Depression period compared to that in the current Great recession period. Moreover, people were not much interested in getting college education during Great Depression period, as they do now. In short, smaller population size and smaller literacy rates helped the qualified people to find suitable employment during the Great Depression period. However, the case is entirely different during the current Great Recession period. “The growing population in the country has led to the ratio or percentage of unemployed to increase. It has to be taken into notice or consideration that jobs do not increase with the increase in population” (About Reasons for Unemployment in The US). Even though population growth rates in America are comparatively low to the standards of some other countries, it is a fact that employment opportunities in America is not growing as fast as the population is growing. ...Download file to see next pagesRead More
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