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Unemployment and Labor - Essay Example

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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
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Unemployment and Labor

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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 ...Download file to see next pagesRead More
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