Unemployment And Unemployment

Throughout the years technology has created great advances and has created many jobs. On the other hand, technology has also taken away the jobs of many workers by getting the job done quickly and more efficient. This has created unemployment, but it has also increased supply and decreased the cost of production. Although people become unemployed, bills still have to be paid. There are three main types of unemployment: structural, frictional, and cyclical. Structural and frictional unemployment are normal and indicators of a healthy economy (Mateer & Coppock, 2014). Structural unemployment is caused by changes in the economy. Frictional unemployment is caused by delays with matching jobs and workers. Cyclical unemployment is cause by recessions

Yet, the hiring of employees has also slowed down over the years. “The economy is generating an average of 181,000 jobs a month, down from the 229,000 jobs a month in 2015” (The Associated Press, 2016). This job crunch is making getting hired for a new job become more competitive and harder for less experienced workers. Money is an essential part of life, therefore struggling to bring in an income is an issue for many people. Becoming underemployed, people will start to accept part time jobs, when they really want and need a full time job, just to bring in an income. With so many people willing to work, a shortage of jobs is the only thing holding people back and the economy from thriving. “The U.S. unemployment rate is 4.9 percent, close to what economists consider full employment” (The Associated Press, 2016). There will never really be full employment, but 4 percent of unemployment is considered full employment by economists. Therefore reaching this goal will be incredible accomplishment. Everyone who wants to work will be able to work. We have too many advances for our nation to be having so much

Last week, it decreased to the lowest it has been since the 1970s, but now the unemployment rate is climbing back up to what it used to be. It is always a goal for the economy to have zero unemployment, yet reaching that goal seems to be unobtainable. There is always going to be someone in between jobs or looking for a new job. Even a successful, growing economy has unemployment; it is a healthy, natural cycle. The only type of unemployment that is bad is cyclical unemployment; it means the economy cannot provide for its workers. Some economies just go through creative destruction, which is a part of structural unemployment. It is not a bad thing at all. New advances are created nearly every week, therefore we seem to throw away the old and get with the new things. We have to work to create more jobs and get to our desired unemployment