Unemployment

Unemployment

Introduction

The issue of unemployment refers to the situation when people are living without working and are in continuous search for job or work. The rate of unemployment is gauged as the prevalence of unemployment and in general it is evaluated in the form of percentage by dividing the total number of individuals who are unemployed by all the individuals who are on their jobs and are working. It has been observed from different time periods that in the time of recession, the economy of a country mostly experience quite high rate of unemployment (Richard, 2007). In the year 2011, business week reported that approximately 200 million people were out of work throughout the world which is comparatively very high percentage rate. This paper will be discussing issue of Unemployment in the United States.

Discussion

The rate of unemployment in the United States has been increased for up to 7.9 percent in the year 2012. In the previous decades from 1948-2012, the rate of unemployment in the United States was at average of 5.8 percent which gradually reached at all time high percentage of 10.8 percent during the year of 1982. It was recorded low as 2.5 percent in the year 1953.

Unemployment Rate of United States

Recent Shifts in the Rate of Unemployment in United States

Recently, it was reported by the Bureau of Labor Statistics of United States that the total non-formal payroll employment in the United States increased by 171,000 in the month of October 2012, due to which the rate of unemployment was considerably changed and reached at 7.9 percent. The total numbers of individuals who are unemployed which are approximately 12.3 million which were changed after the people were employed formally (www.deptofnumbers.com). However, in the month of October 2012, the total number of unemployed individuals from long-term (who were unemployed ...