Unemployment ate
The Disparity in the Unemployment ate in the United States
A recent article in the Sun Journal by Margaret Fisher (2012) has raised some serious questions as to the true state of the economy. While statistics from the department of labor assert the unemployment rate has dropped, giving the impression that the economy is in a recovery mode, Fisher maintains that this is misleading due to the fact that many people have stopped looking for jobs. When people stop looking for work and drop out of the system the unemployment rate goes down.
Currently the unemployment rate in the state of North Carolina is 1.3% lower than last year and has been steady or decreasing over the same period when it was 10.6%. By comparison the national rate has consistently decreased over the same period from about 8.9% to7.9% today.
Unemployment ate in North Carolina as Compared to the Nation
For example, one Pontiac Assembly plant in Pontiac, Michigan, "was running three consecutive eight-hour shifts, employing 3,000 people and making 1,300 trucks a day," in 2003, but in the summer of 2009, the plant had only 600 workers and "was running just one shift" (Mahler 2009, p.1). As a result of the failure of GM, the housing bubble, and the explosion of easy credit and 'creative' financing, many Michigan residents "have their homes foreclosed -- Detroit has one of the highest foreclosure rates in the nation" (Mahler 2009, p.2).
Of course Illinois was not exempt from the effects of the recession. But Illinois' unemployment rate, while high, is not unusually high compared with other states in the region: "the Midwest and West both had jobless rates of 10.2%," according to CNN, in July of 2009, compared with Michigan's 15% at that time. No Midwestern states were immune from the crisis,…...
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References
Mahler, Jonathan. (2009, June 26). G.M., Detroit and the fall of the black middle class.
"The Detroit, Michigan drop-out rate among black males is 50%, the Detroit unemployment rate among black males is 50%" (Kill 145). This demonstrates that education is very important when considering unemployment rates and that the auto industry is, to a certain degree, not the only institution responsible for the critical conditions currently faced by individuals in Michigan.
Although it is difficult to determine what other factors are responsible for the high unemployment rates in Michigan in the recent years, it is only safe to assume that the fact that the collapse of the automotive industry in the state is one of the principal causes for the crisis. hat is curious about this is that other states that have automotive industries have experienced lesser problems as a result of the fact that American car sales have gone down. Michigan "is still by far the leading state in terms of auto industry…...
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Works cited:
Cooney, Stephen, and Yacobucci, Brent D. "U.S. Automotive Industry: Policy Overview and Recent History," (Nova Publishers, 2007 )
Gaquin, Deirdre, and Dunn, Gwenavere, "The Who, What, and Where of America: Understanding the American Community Survey," (Bernan Press, 19.06.2012)
Kill, Don R. "Tick - Tock: A Penetrating Look at the 4 Crisis That Will Alter Your Future," (AuthorHouse, 28.02.2007)
Klier, Thomas H, and Rubenstein, James M., "Who Really Made Your Car?: Restructuring and Geographic Change in the Auto Industry," (W.E. Upjohn Institute, 30.07.2008)
Thus, the testing will not only expose a relationship, but may shed light into how it will continue to evolve in the future. Using Microsoft Excel, a regression test was administered for each individual independent variable as it related to the dependent variable of general unemployment in Detroit.
Data
Automotive Industry Employment rates in thousands
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual
2002
2003
2004
2005
2006
2007
2008
96.9
2009
79.5
86.6
86.2
85.4
77.2
73.4
73.5
80.5
84.3
83.9
82.8
83.9
81.4
2010
82.7
82.7
82.6
83.3
83.8
85.0
81.2
83.3
87.6
89.4
89.8
90.2
85.1
2011
89.4
90.4
91.2
93.1
93.4
94.1
83.3
92.0
94.7
96.3
96.7
97.4
92.7
2012
97.6
98.2
99.3
97.4
98.5
99.5
95.8
96.8
97.7
97.7(P)
P: Preliminary
(United States Bureau of Labor Statistics 2012)
Year
Period
labor force employment unemployment
OUTPUT
egression Statistics
Multiple
0.872748
Square
0.761689
Adjusted . Square
0.7319
Standard Error
1.573775
Observations
10
ANOVA
df
SS
MS
F
Significance F
egression
1
63.32986
63.32986
25.56956
0.000981
esidual
8
19.81414
2.476768
Total
9
83.144
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
Intercept
18.60066
1.703969
10.91608
4.4E-06
14.6713
22.53002
14.6713
22.53002
X Variable 1
-0.14215
0.028112
-5.05663
0.000981
-0.20698
-0.07733
-0.20698
-0.07733
ESIDUAL OUTPUT
Observation
Predicted Y
esiduals
Standard esiduals
1
6.432287
0.867713
0.584803
2
7.398934
1.201066
0.80947
3
8.067057
0.532943
0.359182
4
8.991058
-0.29106
-0.19616
5
10.01457
-1.61457
-1.08815
6
10.38417
-1.78417
-1.20246
7
11.77727
-1.87727
-1.26521
8
13.63949
2.460509
1.658283
9
13.61106
1.18894
0.801297
10
13.28411
-0.68411
-0.46106
SUMMAY OUTPUT
egression Statistics
Multiple
0.908938
Square
0.826169
Adjusted . Square
0.652338
Standard Error
Observations
3
ANOVA
df
SS
MS
F
Significance F
egression
1
1.35E+08
1.35E+08
4.752715
0.273788
esidual
1
28345534
28345534
Total
2
1.63E+08
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
Intercept
170848.9
19965.3
8.557288
0.074059
-82834.4
424532.1
-82834.4
424532.1
X Variable 1
-1093.39
-2.18007
0.273788
-7466.07
-7466.07
ESIDUAL OUTPUT
Observation
Predicted Y
esiduals
Standard esiduals
1
118365.9
-57.9129
-0.01538
2
132689.4
-3735.38
-0.99222
3
132470.7
1.007603
It is clear that there…...
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References
United States Bureau of Labor Statistics. (2012). Local area unemployment statistics: Detroit-Lionia-Dearborn. Databases, Tables, & Calculators by Subject. United States Department of Labor. Web. http://data.bls.gov/timeseries/LAUDV26198003?data_tool=XGtable
United States Bureau of Labor Statistics. (2012). Motor vehicle parts manufacturing. Databases, Tables, & Calculators by Subject: State and Area Employment, Hours, and Earnings. United States Department of Labor. Web. http://data.bls.gov/timeseries/SMU26000003133630001?data_tool=XGtable
For the purpose of this discussion we will explain the economic impact of unemployment rates. One of the main impacts of unemployment on the economy is that it inhibits people's ability to pay for necessities and luxury items and in doing so consumer confidence is diminished ("Unemployment"). In addition when people are unable to purchase their basic necessities they begin to utilize welfare programs which can be associated with a whole host of economic and social issues when people are unemployed for a significant amount of time and become dependent on the system ("Unemployment").
As such low unemployment rates are encouraged because they have the opposite effect on the economy.
However, there are some unwanted effects of high unemployment rates, including inflation. According to the article there are also those that argue that unemployment can increase productivity and profitability because it causes people to fear that they will loose their jobs…...
Are economists overstating the cyclical unemployment rate and understating the natural rate?
Cyclical unemployment derives its name from the fact that it reflects the 'cyclical' ebbs and flows of the business cycle (Ask an economist, 2008, Labor Market Info). When the economy is doing poorly, workers are let go and are involuntarily unemployed. Although the contraction may begin within one economic sector, eventually most spheres are affected as people spend less money, causing production to slow and more workers to be laid off. As the economy improves, production increases, more workers are hired and more workers spend money.
However, other types of unemployment exist that are not directly related to the business cycle called 'natural' unemployment. "Frictional unemployment refers to workers who are temporarily without jobs and searching for new ones that are better suited to their skill sets and work preferences... Structural unemployment…...
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References
Ask an economist -- What are the similarities and differences between Natural Unemployment
The big three could not afford to keep up production in the United States at levels previously seen and still make enough of a profit to lead them out of financial disaster. GM alone reduced its workforce to fewer than 45,000 workers (Feeley, 2011). Most of these jobs went overseas, where labor was cheap. As such, "the state of Detroit is not really surprising given the reorganization of the U.S. auto industry, which was the met and potatoes of the city's workforce in the first three quarters of the 20th century" (Feeley, 2011). Detroit suffers as the automotive industry tries to regain its footing. Outsourcing has been the biggest threat to American automotive jobs. "As the city's oldest plants closed, production moved outward," far overseas in places like China (Feeley, 2011). This helps explain why automotive profits have began to rise in the past few years, but this has…...
Relationship between unemployment rate and new disability pensions in the US
Overview of the topic
Persistent high unemployment rates have remained a cause of great concern both in America and other developed nations, with US unemployment rates reaching a never-before-seen high since the 30’s Depression, in the mid-70’s – early-80’s period. But the years 1983-84 witnessed a renewed decline in unemployment rates (Reno & Price, 1985). In spite of unprecedented unemployment peaks in the course of the last ten years, employment rates have increased from the 1970 figure of 80.8 million labor force members to 102.5 million (1983) (Reno & Price, 1985). Cyclical disability insurance only cropped up in the disability insurance termination era of the early-to-mid 80s (Cutler, Meara, & Shubik, 2012).
Rationale for selecting the topic
Premature retirement with decreased actuarial benefits prior to 65 years of age first became available in the years 1961 (males) and 1965 (females) under the social…...
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Bibliography
Cutler, D. M., Meara, E., & Shubik, S. R. (2012). Unemployment and Disability: Evidence from the Great Recession . NBER, 2.Reno, V. P., & Price, D. N. (1985). Relationship Between the Retirement, Disability, and Unemployment Insurance Programs: The U.S. Experience . Social Security Bulletin, 24-36.Wiczer, D. (2017). The Connection Between Social Security Disability Insurance and High Unemployment. Economic Synopses.
The Makings of Community
The local community of Gaithersburg, Maryland is a fairly well to do suburb of Washington D.C. Today, it has a number of industries characterized by the life sciences and science in general. The impetus for these industries arguably occurred midway through the 20th century when the National Institute of Standards and Technology (known at the time as the National Bureau of Standards) arrived (Gaithersburg Life, 2016). The correlation between this entity and other public sector interests in nearby Washington D.C. is responsible for the array of technology and science companies which populate this city, which still feels like a suburb in many ways. Gaithersburg is known for its diversity and its railroad.
In many ways, Gaithersburg’s historical development chronicles that of the United States itself. It originated in the 18th century as a small agricultural town in which the chief industry was husbandry. Moreover, the region had an…...
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References
Best Places. (2017). Gaithersburg, Maryland. Retrieved from economy/city/maryland/gaithersburgData USA. (2015). Gaithersburg, M.D. https://datausa.io/ Retrieved from https://datausa.io/profile/geo/gaithersburg-md/#economyGaithersburg Life. (2017). A brief history of Gaithersburg, Maryland. http://gaithersburg.life/ Retrieved from http://gaithersburg.life/a-brief-history-of-gaithersburg-maryland/United States Census Bureau. (2015). Gaithersburg city, Maryland. https://www.census.gov/ Retrieved from https://www.census.gov/quickfacts/fact/table/gaithersburgcitymaryland/POP060210#viewtophttp://www.bestplaces.net/
unemployment and tax reform on our social structure including theoretical framework on functionalism, social conflict and symbolic framework and so on and so forth. The orks Cited eight sources in MLA format.
Unemployment
Unemployment has long been the cause of ruin of the American society as well as the global social structure. Persistence in unemployment and the related tax reforms have done much harm than have benefited the mankind on this face of earth. There have been several effects of unemployment and tax reforms on our social structure. The passages below of our research paper will look into not only these effects but will also include theoretical framework on functionalism and social conflict. Before we begin our discussion on the effects of unemployment on the social structure as well as on the effects of tax reforms, it is essential that the readers have a look at the precise yet comprehensive definition…...
Saunders P. Direct and indirect effects of unemployment. Paper presented at the Australian National University in the F.H. Gruen Lecture Series on Welfare and the Labor Market: The New Frontier for Reform.
Unemployment and its Effect on Aggregate Supply and Demand:
The Obama administration is looking for ways to create jobs and stimulate growth after temporarily setting aside the debt limit. The need for job creation and stimulating economic growth originates from the high unemployment that the country experiences. This high unemployment rate is an actual reflection of the serious shortfall of aggregate demand in the United States. The U.S. unemployment rate is high essentially because the country's economy is generating below its capacity. Actually, while the U.S. economy has made some gains from time to time, its real GDP is estimated at 6% below its trend path or capacity.
There are various reasons attributed to the high unemployment rate including its consideration as a consequence or outcome of the collapse of demand rather than a distinct, instantaneous problem. Some of the reasons attributed to the unemployment problem in the United States include…...
C much faster, could become a good timed cheaper investment in our infrastructure
These actions that encourage growth by decreasing unemployment could be a trigger for increased inflation, added to the already considerable amounts of government spending required by the bailouts and the stimulus package. This could actually translate into inflation levels to spiral out of control during next year if the economy will recover without controlling the spending. Viewed from this point-of-view, I would add to my first recommendations another one: the government should find a way of developing the actions above with as little as possible spending from its side… it might be by involving more the private sector through tax cuts or other motivators, that would still reduce its tax income, but will not increase that much the public spending.
ibliography
24-7PressRelease, "Job Crisis In The U.S. As The Unemployment Rises To 10.1%. U.S. Leaders Warn of More Gloom To…...
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Bibliography
24-7PressRelease, "Job Crisis In The U.S. As The Unemployment Rises To 10.1%. U.S. Leaders Warn of More Gloom To Come With Record High Mass Layoffs September 2009," Bournemouth, England, November 2, 2009, retrieved online on November 7, 2009, from http://www.earthtimes.org/articles/show/job-crisis-in-the-us,1024036.shtml
Unemployment: A Social Problem?
There are few problems that nations face more perplexing than that of unemployment. The condition of being unemployed is in some ways natural to a capitalist system, as businesses try to succeed while spending as few resources as possible, and a flexible workforce means most people are willing and happy to change jobs several times throughout their lives. The problems of unemployment then often only go noticed during periods of economic slowdown, when the number of out of work individuals rises far beyond the ability of private business to give these individuals jobs. Unemployment is a significant social problem caused by poor economic conditions, and as such, unemployment should not simply be characterized as an individual's inability to find meaningful work, but also a nation's inability to provide meaningful employment to the entirety of its workforce.
A highly developed economy requires a busy and proactive society to fuel…...
Unemployment Lynn MA Case Proposal
In the U.S. unemployment has hit record highs. Unemployment of large segments of the working population, with rates as high as 9.5% in the general working population and 18% among young people affect everyone as these individuals are stagnating and struggling to provide for themselves and their families. (Fried, Revell, Rosato, Yahalom, Poppick, & Swiatek 76) The current recession has created consumer restraint as more and more people face and fear unemployment as well as concerns about financial security in general. This has resulted in U.S. unemployment rates based on both lower demand for products and services and corporate hiring conservation. ("Economic Policy" 15-16) In the state of Massachusetts the unemployment rate remains slightly lower than the national average at 7.3% as of October 2011, yet the problem is still one in need of address, and the unemployment rate in the Boston area including Lynn Massachusetts…...
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Works Cited
Anderson, Eric. "Avoiding a fall in 2012." Times Union (Albany, NY) 27 Nov. 2011:B2.
"Economic Policy." Country Report. United States 5 (2011): 15-16.
Foroohar, Rana. "The Truth About The Poverty Crisis." Time 178.12 (2011): 24.
Unemployment Deficit
ecently Nancy Pelosi, Speaker of the United States House of epresentatives was quoted as saying that unemployment benefits are the leading stimulus to an economy in need of a quick fix. Her reasoning was that the unemployed immediately spent those benefits, therefore generating economic activity. Financial experts were quick to point out that such reasoning would mean that every citizen should just go on unemployment then, because such action would generate so much economic activity that the recent recession would be a distant memory in a very short period of time.
The question that this paper will seek to answer is whether extending unemployment benefits is a boon to the economy as stated by Nancy Pelosi, or does the extension of those benefits only add to the deficit, thereby ensuring that unemployment continues to be a huge problem and a drag on the economy.
The answer to that question is important…...
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References
Downing, N. (2009) Riding out the storm, State Legislatures, Vol. 35, Issue 8, pp. 22 -- 24
Hansen, G. (1988). Layoffs, plant closings, and worker displacement in America. Journal of Social Issues, 44(4), 153-171
Obama, B.H. (2010) Remarks on legislation extending unemployment insurance benefits, Daily Compilation of Presidential Documents, 7/19/2010, pp. 1-2
When most people think about the impact of the COVID-19 pandemic on economics, they think of it as being purely destructive. While there can be no doubt that the COVID-19 pandemic has created economic uncertainty in many sectors, leading to a loss of production and high unemployment rates in many areas, it cannot be ignored that the pandemic has also led to new opportunities for certain businesses. Understanding those opportunities may be critical to the overall recovery of the global economy, as those industries that have experienced gains determine how to leverage them in a way that....
Title: The Rise of Political Discontent and Economic Transformation: Analyzing the Emergence of New Dynamics in the 1993 Canadian Federal Election
Introduction: The 1993 Canadian federal election marked a pivotal moment in Canadian political history, characterized by a significant shift in the political landscape and the emergence of new electoral dynamics. This thesis aims to explore the emergence of these dynamics, focusing on the interplay between political discontent, economic transformation, and the rise of new political parties. It will investigate how these factors contributed to the electoral outcomes and reshaped the Canadian political landscape.
1. The Rise of Political Discontent: a) Decline of Traditional....
Introduction: Artificial Intelligence (AI) has become an integral part of society, impacting various aspects of our lives. However, with the advancements in AI technology, ethical concerns have been raised regarding its implications on society. This research proposal aims to explore the ethical implications of AI in society and analyze the potential risks and benefits associated with its integration.
Research Objectives: 1. To investigate the ethical principles and guidelines that should govern the development and use of AI technology. 2. To identify the potential ethical dilemmas that arise in the deployment of AI systems in various sectors....
Student dropout rates are a significant concern for educators, policymakers, and society as a whole. Students who drop out of school are more likely to experience negative outcomes later in life, such as lower earnings, higher unemployment rates, and poorer health. The factors that influence student dropout rates are complex and multifaceted. However, research has identified a number of key factors that contribute to the problem, including:
Academic factors: Students who are struggling academically are more likely to drop out of school. This includes students who have difficulty keeping up with their coursework, who have low grades, or who are....
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