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By the year 2010, the province’s economy experienced a 2.4% growth per year. Manitoba’s economy remained unchanged amid the slowdown in the country’s economy. The province also registered a 2.4% increase in labor income. In addition, the economy has experienced an increase in employment levels due to increased demand for skilled laborers. Consequently, the unemployment levels have gradually reduced over the years. However, there are minimal changes in the unemployment rate in the province since 2010. The province has registered various changes in the overall labor force (Marcil, n.p.).
Employment in an economy represents a number of eligible individuals who are willing to work and can be engaged in full time or part-time labor at prevailing wage rates. This is because the economy needs human capital where individuals play a part in the manufacture of goods and services for the economy. At this level, the economy experiences full employment where all available labor resources are utilized in an economically efficient way. On the other hand, unemployment is the number of individuals in an economy who are ready and capable to work, but cannot find a job. Therefore, the jobless individuals who are unwilling to work in an economy are not classified in the unemployment category. Unemployment is a key measure of economic health of a region or country. There are three types of unemployment namely frictional, structural, and cyclical unemployment (Kennedy 37). The frictional unemployment is a short-run unemployment resulting from the process of searching for a new employment by individuals. Structural unemployment represents a persistent lack of jobs whenever the incomes in employment markets do not match up the supply and demand. Finally, cyclic unemployment refers to the short-term unemployment related to the vicissitudes of the market. The unemployment rate determines the levels of unemployment in an economy (Kennedy 37).
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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.
The Federal Reserve uses prevailing unemployment rate to set the direction to its monetary policy. In this paper, an attempt is made to understand the relation between prevailing unemployment rate and corresponding inflation rate with the help of the Phillips Curve.
Raw data for each of these variables was obtained for the 2010 year, for each of the 50 states (Table 1). The average unemployment rate across the states from this information was 8.8% (ranging from 3.9% to 14.9%) with a standard deviation of 2.1. The average number of rapes per 100,000 people was 31.2 (ranging from 11.2 to 75) with a standard deviation of 10.2.
What part does the economic downturn of the last three years play in this area, and what factor does industry have to do with joblessness? Or is it simply the normal economic adjustments occasionally required from a capitalitisic society? Also we will look at what part the nation’s defense plays in the budget and whether defense spending affects the United States.
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.
The LM curve joins together combinations of interest rates and national income at which the monetary sector is at equilibrium, when there is equilibrium in the money market then the amount of money demanded is equal to the quantity of money supplied. There are factors that determine the position of the LM curve.
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.
Business owners pick up the tab thus reducing their profits. The theory suggests that if this same money were retained by wealthier individuals, the business owners, it would more likely sit in a bank or be locked-up in an investment of some sort. On
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