Unemployment is one of the major problems in society that exists across the globe and yet, incorporate the united states of America being no exception. The state is also affected by the problem of unemployment and connotes the situation where a person concerned is jobless.
Such a person despite searching for jobs didn’t get the same and this will ultimately rise in the rate of unemployment. This creates a rise in the poverty rate and not only that it also affects the economic status of the state.
Essay Example on Unemployment In The United States
Introduction – Unemployment in the US
Unemployment occurs when people are not at work but are actively searching for a job. Unemployment is usually measured in percentages by the number of unemployed divided by the total labor force.
Unemployment is a term used to describe a situation where people do not have a job and are actively looking for one.
Main Essay Body – Unemployment in the US
How measure Unemployment in the united states of America?
Unemployment in the state refers to the situation where several people didn’t have any job or were not employed in any sector. Such person neither employed in the skilled sector, nor in semi-skilled and face financial problems due to same.
The rate of unemployment is the measure of the data that shows what number of people didn’t have any jobs and it is calculated as the percentage after dividing the total number of the unemployed person with the total number of employed. Several studies show the percentage of unemployment in the state and what are the consequences of such a rate.
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Research shows what are the counties that have high unemployment rates and it is noteworthy that during the recession period in the state, the unemployment rate goes high.
The study conducted by Yates provides the results that more than two hundred million people are unemployed in the universe and play a major role in declining the gross national income of the state.
Even though the US has a developed economy and holds a stable economy too but according to the studies of 1994 by Yates, it has a substantial rate of unemployment exists in the state.
This creates an issue for the authorities of the state to resolve because unemployment not only affects the economy but has a considerable influence on the political, social sphere as well.
And to maintain the status of is developed economy along with increasing the gross national income of the state and strengthening the economy of the nation, it is important to resolve the issue.
With the reduction in the rate of unemployment, the unemployment percentage can decline and to reduce the same there are various theories or approaches given by experts of the field. But this issue is not at all affect the optical manifestation of the political parties to fight the elections and win.
It does not work as a tool of getting sympathy from the citizens of the state rather the authorities are more focused to resolve the issue of unemployment. Though it is not possible to eradicate the issue from its roots reduction in unemployment can be achieved with the help of effective strategies.
Unemployment Impact on United States of America Economy
Even though the United States of America is identified as the superpower across the globe, there is an abundant number of people who are still unemployed and such rate can decline with the help of the theories.
The study of Wassel 2011 suggested that there are more than ten million people who are unemployed and in search of a job. From the study of 1994 to the study of 2011, there is a drastic reduction in the rate of unemployment.
On the other hand, the study of Wassel shows that more millions of people are unemployed than the population of the fifteen largest states of America that is Illinois.
And this constitutes the united states of America as the 68th largest nation in the world for the unemployment rate. Such ratio interestingly is higher than the population of two small states that are Portugal and Greece which constitutes around 10 million.
Such an unemployment rate affects the economic growth of the state and resulted in declining the same. This led to the US financial stability being hampered and the government.
therefore, struggling to strengthen the economic growth of the state. But until and unless the jobless people don’t get the job and employment, it becomes tough for the government of the state to boost the economic growth.
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The reason for the rising in the unemployment rate of the state is the policy of economic stimulus package introduced by Barack Obama. It is noteworthy that before 2012 the unemployment rate of the state was not at an increasing rate but after 2012 the rate of unemployment increases to 8.10% as let the economic survey of the state.
Notably, the data of labour statistics reveal different rates of unemployment in States and districts of the nation. The research of the authority shows that the state of Nevada encountered the highest unemployment rate of 12% and at the second position; it is Rhode with 10%. Other states have followed by these states in the unemployment rate.
There is a certain reason for unemployment in the states and such grounds have been explained by US economists. One among such reasons is a lesser vacancy and there are very few job openings in the US.
According to the study of Jacob 2011, job vacancies declined to less than three million jobs after the state experienced the financial crisis. This resulted in rising in the rates of freshers or graduates that finish their degree on an annual basis.
Conclusion
It is important that we understand the unemployment in our country, and be aware of how it affects not only those who are out of work but also their families. Understanding what happens when people lose jobs could help us to devise strategies for preventing future job losses or at least making sure that they have access to quality mental health care services so they can bounce back faster after losing a job.
