Wait a second!
More handpicked essays just for you.
Factors affecting unemployment rate in us
Don’t take our word for it - see why 10 million students trust us with their essay needs.
For the Love of Money
1567 Words4 Pages
Recommended: Factors affecting unemployment rate in us
When someone graduates from college, there is much flourish and celebration, as there should be. A life of brilliance has begun. Or rather, should have begun. Can it even be possible that a few years later, the same person could still be searching for a decent job in the field of his or her choice? Yes, in fact, about 36.7% of recent college graduates are mal-employed, working in positions that do not require a degree (Luhby) and, on a broader scale, 58.6% of U.S. citizens sixteen years of age and older face unemployment (United States. Bureau of Labor Statistics). This is equivalent to about 185 million people without jobs (United States. Census Bureau). Because of this, there is much speculation and anxiety about the condition of the United States economy in regards to job availability and the effect outsourcing has on employment. Outsourcing is the business practice of sending work to other companies or countries. While outsourcing can contribute to a stronger international economy, it will continue to devastate domestic employees if their companies decide to uproot and move production overseas. Those who are proponents of outsourcing argue that wages are lower in other countries so profit margins for companies are increased and international commerce is strengthened because of jobs being offered elsewhere. In fact, in comparison to their U.S. counterparts, factory workers in China are paid substantially less. The average hourly rate for a factory worker in China is about $1.36 (Kavoussi) or 8.23 Chinese Yuan. On the other hand, average hourly rate for an American factory worker is $24.64 (Table B-3). Due to this notable difference, a company’s profits increase significantly with the use of outsourcing, which contributes to a... ... middle of paper ... ...ugles Hohner. Made in America, Again. Chicago: Boston Consulting Group, Aug. 2011. Web. 25 Jan. 2014 Strom, Stephanie. "For Ohio Pottery, A Small Revival." NYTimes.com. The New York Times, 11 June 2012. Web. 5 Feb. 2014. "Table B-3. Average Hourly and Weekly Earnings of All Employees on Private Nonfarm Payrolls by Industry Sector, Seasonally Adjusted." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, 10 Jan. 2014. Web. 26 Jan. 2014. United States. Bureau of Labor Statistics. Department of Labor. N.p.: n.p., n.d. Labor Force Statistics from the Current Population Survey. Jan. 2014. Web. 22 Jan. 2014. "U.S. National Debt Clock : Real Time." U.S. National Debt Clock : Real Time. N.p., n.d. Web. Jan. 2014. 25 Jan. 2014. United States. Census Bureau. U.S. Department of Commerce. USA QuickFacts. United States Census Bureau, 7 Jan. 2014. Web. 22 Jan. 2014.