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Macroeconomics In Unemployment

narrative Essay
1233 words
1233 words
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The trends in unemployment affect three important macroeconomics variables: 1) gross domestic product (GDP), 2) unemployment rate, and 3) the inflation rate.
The basic definition of unemployment is without work. In macroeconomics, unemployment has a very precise definition and different types of unemployment. Unemployment is defined as the total number of adults (aged 16 years or older) who are willing and able to work and who are actively looking for work but have not found a job. (Miller 140).
Gross domestic product (GDP) is one of the best ways to measure how a country’s economy is doing. A main component in figuring the GDP is personal consumption expenditures. Personal consumption expenditures accounts for about two-thirds of domestic …show more content…

In this essay, the author

  • Explains that personal consumption expenditures account for about two-thirds of domestic final spending, and is the primary driving force of future economic growth. the relationship between gross domestic product and unemployment rates can be seen by okun's law.
  • Describes u-1 persons unemployed 15 weeks or longer, as a percent of the civilian labor force.
  • Lists u-2 job losers and persons who completed temporary jobs, as a percent of the civilian labor force.
  • Describes u-4 total unemployed plus discouraged workers, as a percent of the civilian labor force plus
  • Describes the total unemployed, discouraged workers, and marginally attached to the labor force, as a percent of the civilian labour force.
  • Describes the total unemployed, marginally attached to the labor force, and employed part-time for economic reasons.
  • Describes the alternative measures of labor underutilization by the u.s. bureau of labor statistics.
  • Explains that unemployment affects three macroeconomic variables: 1) gdp, 2) unemployment rate, and 3) inflation rate.
  • Explains that the bureau of labor statistics (bls) is an independent statistical agency whose mission is to collect, analyze, and disseminate essential economic information to support public and private decision-making
  • Analyzes how the phillips curve shows that unemployment and inflation have an inverse relationship.
  • Explains the u.s. bureau of labor statistics, n.d., and clark, todd and christian garciga's recent inflation trends.

2017 Feb.
2017 Mar.
2017 Apr.
2017 May
2017
U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force 2.0 1.8 1.8 1.9 1.9 1.8 1.7 1.7 1.8
U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force 2.1 2.1 1.9 2.3 2.3 2.3 2.2 2.2 2.1
U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate) 4.5 4.1 4.1 4.7 4.8 4.7 4.5 4.4 4.3
U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers 4.9 4.4 4.3 5.0 5.1 5.0 4.8 4.7 4.5
U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force 5.6 5.0 5.0 5.7 5.8 5.7 5.4 5.3 5.2
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force 9.4 8.1 8.1 9.7 9.4 9.2 8.9 8.6 …show more content…

Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 04 July 2017.
"Bureau of Labor Statistics Data." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 04 July 2017.
Clark, Todd and Christian Garciga. "Recent Inflation Trends." Economic Trends (07482922), 14 Jan. 2016, pp. 5-11. EBSCOhost, cco.idm.oclc.org/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=112325646&site=ehost-live.
Ejim, Esther, and Kaci Lane Hindman. "What Is the Relationship between GDP and Unemployment Rates?" WiseGEEK. Conjecture Corporation, 13 June 2017. Web. 04 July 2017.
"How the Government Measures Unemployment." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 04 July 2017.
"Macroeconomics/Employment and Unemployment." Macroeconomics/Employment and Unemployment - Wikibooks, Open Books for an Open World. N.p., n.d. Web. 04 July 2017.
Miller, R.L. (2014). Economics Today: The Macro View 17th Edition. NJ: Pearson Education, Inc.
"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

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