Introduction
The unemployment rate became a hot topic in the past few months when it rose to
3.5 per cent, a recent high for almost 10 years. The jobless rate was higher
than the 3.2 per cent unemployment rate recorded in the May to July period. The
underemployment rate in the June to August period rose to 2.5 per cent from 2.3
per cent in the May to July period. Until recently, most workers who lost their
jobs were from the manufacturing sector. They were middle-aged factory workers
with few skills and little education. But in recent months a large number of
employees have been laid off in the retail and restaurant businesses.
Unemployment has spilled over to the service sector from manufacturing sector.
Hong Kong is facing a prolonged economic downturn.
The high unemployment rate has raised many social and economic problems. For
example, the number of people who commit suicide is increased. It is because
more people had lost their jobs for a long time. It is a serious threat to the
lives of the poor. The unemployed people may also feel that it is unmeaningful
to live. As a result, they will commit suicide to solve the problem. Moreover,
the high unemployment rate results in the increase of the rate of crime. There
was an unemployed man who stole rice because he was too hungry and he did not
have money to even buy food! We can know how serious the unemployment rate is.
By the way, higher unemployment rate causes lower purchasing power of people. A
lot of kinds of business are affected. Many people lose confidence in economics
of Hong Kong. They do not believe unemployment will be improved. Some say that
the Government should provide immediate assistance for the jobless. Some also
say unemployment is due to the attraction of cheap labor across the border. The
Government can no longer play the role of a bystander.
All of these above show the influence of the unemployment. In spite of how many
people who have talked about the topic of unemployment, everyone will be
concerned about this topic. The following sections will analyze this hot topic.
Reasons for unemployment in Hong Kong
1. Faster growth in total labor supply relative to that of total employment
In 1993 and 1994, the increase in Hong Kong labor force is 2.9% and 3.5%
respectively. At the end of 1993, the total labour supply is 2 970 000. Change
in the total labour supply is determined by the population growth, total
employment and the emigration condition. If the population growth and the total
This was devastating because a majority of these companies left, taking their jobs with it, abandoning the citizens
"Table A-15. Alternative Measures of Labor Underutilization." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 04 July
manufacturing have been vanishing at a fast rate and unemployment percent is on the rise, but
Look at the scenario Growth Rates. According to the rule of 70, how large will China’s real GDP per capita be in 20 years? A) $5,600 B) $8,000 C) $16,000 D) $28,000 6. Which of the following will NOT increase the productivity of labor? A) technological improvements B) an increase in the capital stock C) improvements in education D) an increase in the size of the labor force 7.
When we look at unemployment in the UK we can see that it is around
Changes in unemployment in Australia is a key issue in this news article. In the last twelve months, unemployment in Australia has dropped from 5.6 per cent to 5.1 per cent which is described as ‘a puzzle’ in the news article. Looking closer, there are some possible explanations for this change in statistics. Previously, unemployment in Australia increased in the time of the recent global economic downturn, although didn’t suffer as poorly as other countries according to data from the Organisation for Economic Co-Operation and Development. However, while unemployment rose, so too did the number of people in other forms of underemployment such as part-time and casual work (OECD, 2010). According to Sappey et. al., the status of employment requires workers to only work one hour per week and so therefore many underemployed workers receive the same employed status in this data as full-time workers (Sappey et. al., 2010, p. 111). According to the OECD, under-employment increased significantly during the downturn, rather than unemployment. Unemployment has dropped in the last twelve months but that does not mean that those who have obtained work have gained full-time employment. In fact, according to the Australia labour market trends of the last twelve months, it is more than likely that those who have become an ‘employed’ statistic rather than ‘unemployed’ have not gained full-time work. This news article quotes figures fro...
tripled to 12% and the government expects that figure to rise to 23% by the year
Unemployment of 7.3% has been a part of having illegal immigrants taking jobs of Americans. Many construction jobs and hardworking jobs are being taken from Americans because many immigrants are willing to do more work for less pay and this can truly affect the unemployment rate. Multiple occasions, in which, a citizen of the United States cannot find any jobs, having to start a new career, possibly having to move to where one can find a fertile econom...
low, at 11.3%. Since the United States wanted to see exactly how much the unions were
- Unemployment rate: Percent of people in the labor force is not working but searching for work.
People need money to purchase all kinds of goods and services they needed every day and sometimes, for goods or services they desire to own. To fulfill that, they have the essential need to earn money. In order to earn money, they must work in either in fields related to their interests or to their qualifications. However, people will meet different challenges during their jobs-hunting sessions, such as many candidates competing for a job vacancy; salaries offered are lower than expected salaries and economic crisis or down which causes unemployment. Unemployment is what we will be looking into in this report. Dwidedi (2010) stated that unemployment is defined as not much job vacancies are available to fulfill the amount of people who want to work and can work according to the current pay they can get for a job they chose to work as. There are four major types of unemployment: frictional, structural, cyclical and seasonal unemployment.
At the end of the paper, I would take a look at the changing attitude
Unemployment at 6.3 Percent in April 2014. The national unemployment rate fell to 6.3 percent in April, down nearly half a percentage point from March's rate, according to the Bureau of Labor Statistics. (“Unemployment at 6.3 Percent in April 2014.” NCSL.org. Web. 2 May 2014.) We the people of the world have many problems that affect each and every one of us. The problems we face are really big or really small but they all affect a lot of people in the world. We have problems like war between two or more countries. Health care is a very big affect around the world every country has it, but some countries are better than others in health care. Many of the world’s economies are starting to crash because of high unemployment in each of the countries. Also the stock market has dropped value because people can’t afford to buy stocks. Today people are trying to find jobs, but a lot of companies are not hiring right now. This all started because about six years ago the stock market crashed and a lot of people lost their jobs. The definition of unemployment is a condition of a person who is able to work, is actively seeking work, but is unable to find any. (www.merriam-webster.com/dictionary/unemployment, 2014.) Everyone in the world can be affected by unemployment. But there are some things we can do to lower the unemployment rate.
Unemployment rates is the number of unemployed people divided by the number of people in the labor force. According to IndexMundi (2018), the unemployment rate of whole world in year 2017 is 7.9%, which was increased 0.6% compare with year 2016.