Labor is a factor of production among land and capital. The equilibrium of labor market is attained only when the wages are flexible fully. That is when the demand for labor and quantity of supply match…
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Unemployment and labor
Decrease in labor demand and low cost of labor may also result into labor market movement. This is because the mentioned determinants will depress the incomes of labor. Other determinants of labor market movement include culture and demographics. This also includes cyclical elements like government benefits, demand for workers, and unemployment generosity. According to recent studies, labor market can also be determined by indicators such as: distribution of labor force by gender, age, and participation rates; level of education; employment distribution by sex and age; class of workers; status of job; employment rate by sex; unemployment rate by sex and age; and number of people not employed and distribution by age and sex. The labor market movement is determined by many other factors depending on the distribution of labor characteristics in that market. Educational level and qualification has a central role in job transition in the labor market. Work experience and structural factors also influence the possibility of labor movement and the direction in all market segments. Labor market competition and attitude towards immigration are also determinant factors to be considered. Based on education, investment on human capital and specialization in various occupations may also determine movement within labor market.
In order to forecast the rate of unemployment and nonfarm payroll change for November, I will make use of the past rates of employment in history. The prevailing market demands for labor, labor cost, required education level, rate of economic growth, unemployment policies, and interest rates. In the process of ascertaining the forecasted rate of unemployment, I will use the flexicurity debate concept that combines the flexibility of labor market with the security of employees. This concept has been formulated and initiated globally in attending to unemployment. As a concept it shows the necessity of balancing the need for protecting the security of labor market with the need for sufficient flexible labor market. The flexicurity policy is a reliable and flexible contractual agreement via modern labor law and agreement collectively with the employee’s organization. This determines the continual opportunity for training employees for employability and adaptability. This will help me in forecasting the rate of unemployment. Active and effective policies of labor market assist employees to cope the drastic changes. This helps in minimizing the duration of unemployment and even facilitates the movement to new jobs. These policies also encourage employment, provide for sufficient support in terms of income, facilitate the coverage of the provision of social protection, and facilitate the mobility of labor market. Hence, the details of the policies will help me forecast the rates of unemployment. The history of protection of labor is primarily about the working class and the labor movement development. The policies of labor protection have been used before in determining social welfare and economic development. The need to protect the rights of workers has since made the government to get involved in the regulation of policies. These policies are often used to determine compensation and benefits accorded to workers. Therefore, the labor protection policies can also be used to forecast the nonfarm payroll change as
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Total reasons for lack of employment could include any number of factors, such as a lack of desire to find work due to other economic avenues or support systems. It could also include those who are ineligible for work, due possibly to age or infirmity. Quantitative measures of unemployment statistics must include those who are otherwise fit enough to work, of an appropriate age and status, and are voluntarily seeking employment.
Unemployment might be defined as the number of person searching for job with their full initiative yet not getting one. People averse of working at any existing wage rate, for any reason what so ever, are considered as "economically inactive". Hence these people do not fall amidst the domain of Unemployment.
One must be aware of the technical and definitional pitfalls in a controversy over American employment statistics, which is involved in a preparation of series of a single unemployment rate. It is one of the arduous jobs to compare unemployment rates within a country as it consists of huge amount of statistical data.
According to the paper, labor force is defined as all the nonmilitary people who are employed and unemployed Labor force of a country usually includes everyone who is of working age (typically above 14 to 16 years) and below the age of retirement. Labor force includes participating workers which includes people who are actively working.
Classical economics or neoclassical economics focus on rigidities in the labor market caused by the operating laws such as minimum wage act, taxes, and other regulations that restrict employers to hire more workers in the job. There are many who accept unemployed status voluntarily because of unsatisfactory employment available.
al unemployment occurs when job seeker’s skills are not in demand due to over specialization in a single field, geographical obsolescence, technological changes or structural change of the economy. For instance, decline of coal usage led may coal miners unemployed and they
This paper examines the result of changes in the labor force on the employment rate.
The recent census in the US indicate that there are very few numbers of prime working age workers, that is workers in the age
ng to their study since the 2007 global financial meltdown, the figure had declined with a margin of 66%.In another study, it was established that there is an oversupply of labor whereas unemployment opportunities remain scarce due economic factors. In addition, some of the