Unemployment Outllok
There are certain categories to unemployment. Which are;
cyclical unemployment
- Frictional Unemployment
- Structural Unemployment
- Seasonal Unemployment
- Reginal Unemployment
Nearly two years after production began to recover from the worst
recession to have hit OECD countries since the 1930s, the labour market
situation remains a major preoccupation. At the end of 2010, the average
OECD unemployment rate was still close to the historical peak reached
during the crisis. In 12 OECD countries, it remained two percentage points
or more above the pre-crisis level, and even where the rise in joblessness
was less severe, the recovery has been generally too weak so far to allow
for a significant fall in unemployment (Figure 5.1). The main concern in
countries most severely hit is that persistently high levels of
unemployment – and a rising share of unemployed workers facing long
spells without a job – will eventually result in widespread deterioration of
human capital, discouragement and labour market withdrawal. The risk
is strongest for youth and less skilled workers who have been
disproportionately affected by the rise in unemployment.
Factors that influence the sudden increments of unemployment Globally;
1.Global recession
2.High-interest rates
3.Negative multiplier effect
4. Structural-mismatch of the skills
5. Realm wage unemployment
For historical data on U.S. unemployment trends, the Bureau of Labor Statistics publishes the unemployment rate by year.3 It reports the annual percentage of the unemployed in the labor force, as far back as 1949. It also indicates the success or failure of the fiscal and monetary policies through the years, since they affect the rate of unemployment.
Modern solutions for global unemployment;
- Planned changes to the monetary policies
- Better education
- Fight discrimination
- Create jobs
- Support programs for mental issues
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