Unemployment rates mean the percentage of unemployed workers in the workforce. Well, a nation’s economy is measured by its employment rate. Mostly unemployment hits during a period of recession and falls during a good successful economy. A business cycle is tracked with the help of the unemployment rate. When consumer spending reduces in the business world, the revenue is reduced drastically, thus leading to reasons to cut down employee payrolls. This works as a harmful cycle in this field.
A hundred million, this was the average number of jobs the nation had to create in a decade to maintain the balance from this recession and also meet the employment demands. This was one of the hardest challenges this decade faced and passed through.
The decade had gone through heavy jobless conditions, and so more and more youth strived on getting into a job every year; most of which ended up in non-suitable employment. Creating new jobs and unemployment are affected by various points like education, global competitions, economic conditions, technological changes, and demographics. These points affect the wages, the number of workers, and even the duration of being unemployed.
Being unemployed is measured in various ways; a person is calculated as unemployed if he is jobless currently and is on the hunt for a new job or is available to get into a new work. People who are not employed anywhere for a long time or have no work are never counted with the labor force calculation. Within the last decade we have undergone huge recessions and drastic fall in the economic sector, a lot of people went jobless.
By 2018, a large number of people who were outside the workforce (i.e above 16+ age) are vast, but only by their choice. The U.S Bureau of Labor Statistics (BLS) reported in the year 2018, there were above 94 million people in the population that are 16+ age just outside the workforce. Of these 88 million did not seek a job, but the rest 6 million wanted a job. Most of the reasons to be outside the workforce included being retired, family caregivers, students in schools, disabled, or having an illness. When calculated in terms of gender and this reason, the primary reason for men was illness or disability and for women were for family caregiving.
In 2019 around September month, the U.S unemployment rates fell off to 3.5 percent. The Bureau of Labour Statistics (BLS) announced in August 2019, that almost 21 million nonfarm jobs were lost and the unemployment rate has increased to almost 15 percent, due to the Coronavirus pandemic all over the world. By March 2020, during this Covid-19 Pandemic, The U.S unemployment has risen to a huge number (a rise from around 2.8 million to 3.3 million in a week). More than 35 million people lost their jobs and have applied for government help within the eight weeks this Coronavirus Pandemic began.
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