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Unemployment - Research Papers

Unemployment

The unemployment rate is one of the most important statistics of the performance of a country's economy. Most economists agree that a rate of 4.5 percent constitutes "full employment" levels, and a rate higher than this is a cause for concern. The unemployment rate is released monthly by most countries and uses various methods of data collection. Before we discuss what the unemployment rate is, we need to look at some other terms that will help us have a better understanding of unemployment.
An unemployed individual is an individual defined as being out of work or the reference period, which is usually the previous four weeks; is currently available for work; and has been actively ...

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working and are not actively looking for work. This would also include all individuals that are younger than the age of 16 (in most countries), retired people, those who may be confined to institutions (medical or criminal), armed forces personnel and those who cannot work due to family obligations. Self-employed people or those who did at least 15 hours of unpaid work for a family-owned enterprise are also counted in the labor force as employed. Now you might be asking yourself, "How is all of this data collected to determine the actual unemployment rate?" Well there are different methods of collecting this data by different countries around the world. The most common, of course, is to use "Labor Force Sample Surveys". This is where a certain number of households in the labor force are surveyed. The United States uses this method for data collection and this survey is called the Current Population Survey or CPS. The CPS includes 60,000 households and is designed to ...

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Unemployment. (2013, April 28). Retrieved November 20, 2024, from http://www.essayworld.com/essays/Unemployment/102609

"Unemployment." Essayworld.com. Essayworld.com, 28 Apr. 2013. Web. 20 Nov. 2024. <http://www.essayworld.com/essays/Unemployment/102609>

"Unemployment." Essayworld.com. April 28, 2013. Accessed November 20, 2024. http://www.essayworld.com/essays/Unemployment/102609.

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PAPER DETAILS

Added: 4/28/2013 07:48:34 PM
Submitted By: mattreule
Category: Business
Type: Premium Paper
Words: 1102
Pages: 5

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