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Economic news analysis - Essay Example

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Economic news analysis Name: Lecturer: Course: Date: Job Hunt Time Shrinks in the U.S from Record High Summary The news article begin with a brief story of Vicki Cook who got a job with a tracking company after making unsuccessful applications in more then fifty companies within a period of four months(Steve, Rich & Jeanna, Para 1)…
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Economic news analysis
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Download file to see previous pages It has been reported that employers in America increased the number of jobs positions. However, despite the above increase in job positions, most of the applicants could not meet the required level of competencies to do the jobs (Steve, Rich & Jeanna, para1-10). This trend has made the rate of unemployment to remain significantly high at a rate of 7.9% (Steve, Rich & Jeanna, para-9). Additionally, majority of the older employees within an age bracket of 45 to 54 years were unwilling to shift to the new job positions (Steve, Rich & Jeanna, para1-10). Therefore, it was not a wonder to see some few people coming out to compete for the new jobs as employment positions increases (Steve, Rich & Jeanna, para3).The article has further provided a description of what could have attributed a decline in number of unemployed people in the United state. Analysis According to Bloomberg report most the employers find it challenging to find a qualified employee who can feel a job need (Steve, Rich & Jeanna, Para 7). Therefore, most employers opted to approach staffing agency firm for recruitment assistance (Steve, Rich & Jeanna, Para 7). It was reported that about one hundred and sixty jobs were created on February this year, however despite this increase the rate of unemployment remained at 7.6 % (Steve, Rich & Jeanna, Para 9). ...
Additionally, frictional unemployment may be experienced among people who have left their jobs and are looking for other better jobs (Mankiw, Nicholas, p 606). The rate of unemployment may be determined using the formula below; Unemployment Rate = Number of unemployed people ?100 Total labor force/civilian labor force Source: (Tucker, p-261) Whereby; Labor forces also commonly referred to civilian labor force involves to those people within employment age and below the retirement age that are either working or are actively looking for a job (Tucker, p-261). Frictional unemployment may be presented graphically as shown below; Wages W0 R2 R1 w2 w1 w3 T0 T2 T1 Duration of labor Source: Author Based on the above graph it can be scrutinized how frictional employment occurs given the level of wages. The wages increases from W1 to W2 while duration of labor decreases from T1 to T2 as more people are willing to work with the available wage rates. In above connection, the professor of economics at Northwestern University Illinois (Mortensen) asserted that American labor market has remained flexible due to application of monetary measures. However, inflation rates were projected to increase (Steve, Rich & Jeanna, para3-4). This indicates that as unemployment problems were being addressed inflation rates tend to increases as explained in the Philips curve (Mankiw & Nicholas p-606). Additionally, Fed chief asserted that a long period of unemployment may cause workers to lose some working skills and this can lead to a decline in firms’ productivity (Steve, Rich & Jeanna, Para 10). Fed further asserted that the number of people who remained unemployed for a period of more than 27 weeks reduced in the year 2010 from 6.7 millions to 4.7 million ...Download file to see next pages Read More
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