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The State of American Employment - Research Paper Example

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Summary
Unemployment rate according to the U.S Bureau of Labour statistics was estimated to be 7.9% in October compared to that of September which was at 7.8%. That is a slight increase of 0.1 % but on analysis it is somehow unchanged because August had recorded an unemployment rate of 8.1%…
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This shows somehow a stable state of the economy; however, further analysis of the statistics could portray otherwise. Motoko (par 3); Shah & Lee (par 10) say that politicians could term such statistics as weak and troubling because they could assert that despite an increase in employment opportunities, the growth in job market cannot match the increasing number of those seeking jobs hence an increase in the unemployed. These small changes are also described by Barro (par 1) as dismal in terms of economic recovery. The State of American Employment Age and Student Debt The teenagers in the age group of 16 to 19 years recorded an unemployment rate of 23.7% which did not change from the previous month. This was remarkably higher than that of adult males who had an employment rate of 7.3% and 7.2% recorded for adult females. This clearly shows that with an increase in age, there is greater job stability. Adults have job experience as compared to their inexperienced teenagers. There was no change in the unemployment rate among the teenagers between 16 to 19 years of age; this was similar to adult males where the rate stood at 7.3% while the females recorded an increase of 0.2% (US Bureau of Statistics) The youths as consequence of unemployment are finding it hard to sustain themselves.
Rampell (par 1) states that in this generation, the future of the young looks bleak. She says only one out of six young people work full time. Most of the young are struggling to put up with their parents; three out of five live with their parents. 73% of young people believe they need more education to find a better career, but only half of this percentage confirms they will enroll in the near future. Among the unemployed youths recent graduates are included. Weisman (par 6) in his article “53% of recent grads are underemployed or Jobless” says that, recent graduates are likely to work as waiters, waitress, bartenders, and food service helpers than as engineers, doctors, physicists, or mathematicians. However, most graduates will not take these jobs because the college degree is very expensive and students accumulate debts during the course of their studies. Re-servicing these loans is much harder when you are working for low salaries. Secondly, when college graduates take up a low-paid or low-skill job, they're probably taking the place of a less educated worker. Krugman (par 11) argues that the debt burden is not the main problem facing the youths but it is, rather, the lack of jobs, which is preventing many graduates from getting started on their working lives. Gender and Employment Stability Analysis based on gender show that women have a slight edge over the males when it comes to job stability. The unemployment rate for women 16 years and over was 7.7% up by 0.2% from the previous month, while the rate for the males in the same age group was recorded as 8.0% and showed no change from the previous month. When the age is raised to 20 and above, the unemployment rate for women is 7.2 up by 0.2% from the previous month, while the men have an unemployment rate of 7.3% which had no change from the previous month. This statistics clearly indicate that the job stability between sexes is almost becoming equal. Both the young Males and females suffer from a high rate of unemployment as expressed by the fact that when the age is increased from 16 to 20 the unemployment goes down by 0.5% for females and 0.7% for ...Download file to see next pagesRead More
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