Friday, July 12, 2024

How Many People Are Unemployed

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National Career Service Scheme

How Many People Are Unemployed In The US

The Government of India has initiated National Career Service Scheme whereby a web portal named National Career Service Portal has been launched by the Ministry of Labour and Employment . Through this portal, job-seekers and employers can avail the facility of a common platform for seeking and updating job information. Not only private vacancies, contractual jobs available in the government sector are also available on the portal.

How High Could Unemployment Go

Most economists expect the unemployment rate to rise a little later this year even though it is hoped more restrictions can be lifted.

That is because many government support schemes – such as furlough – are due to end after September.

The Bank of England expects the unemployment rate to reach around 5.5% in the autumn.

However, the number of unemployed is expected to fall next year as the economy continues to recover.

Causes Of Unemployment In India

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According to Alakh Sharma, the causes of high unemployment and under-employment in India are the subject of intense debate among scholars. A group of scholars state that it is a consequence of “restrictive labour laws that create inflexibility in the labour market”, while organized labour unions and another group of scholars contest this proposed rationale. India has about 250 labour regulations at central and state levels, and global manufacturing companies find the Indian labour laws to be excessively complex and restrictive compared to China and other economies that encourage manufacturing jobs, according to the economist Pravakar Sahoo. According to Sharma, the Indian labour laws are “so numerous, complex and even ambiguous” that they prevent a pre-employment economic environment and smooth industrial relations. India needs “labour market reforms that address the needs of both employers and workers”, and it should rewrite its labour laws that protect its workers, provides social security for workers between jobs, and makes compliance easier for the industry. According to The Economist the Indian labor laws are inflexible and restrictive, and this in combination with its poor infrastructure is a cause of its unemployment situation.

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What The Figures Mean

Previously we’ve reported on global wages, and we discovered that the average global wage is declining. Another handy figure, that we have since discovered after a conversation with the helpful people at the ILO, is the average global wage. According to one rough estimate, the world average wage probably lies around $1’200 purchasing power parity per month.

Now back to global employment, do the ILO estimates show global employment is declining? The short answer is yes, but only by a tiny 0.1% in the last year. The rate of employment relative to the population of working age is steadily declined from 61.7 % in 2007, to 61.2 % in 2009 and now 61.1 % in 2010.

The other important trend is unemployment, is that increasing? The answer is that global unemployment essentially unchanged from the year earlier and 27.6 m higher than in 2007.

The still elevated level of global unemployment are in contrast to the recovery that has been seen in the ILO estimates of real global GDP, private consumption, gross fixed investment and world trade, which have all shown recovery by 2010, surpassing pre-crisis levels.

Here is the data in a spreadsheet, it seems that a project bringing these global economic measures together would be interesting, but what would be a meaningful combination?

Quarterly Rebenchmarking Of Labour Force Statistics

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The ABS has revised the original Labour Force series from July 2019 to reflect the latest available preliminary and final estimates of the Estimated Resident Population. This quarterly process ensures that the Labour Force series promptly reflect any change in population trends and minimises the size of revisions that can occur when the series are rebenchmarked following each Census of Population and Housing.

In response to COVID-19 related changes in travel, the ABS has been revising preliminary Net Overseas Migration estimates more frequently. Net Overseas Migration estimates are a component of population estimates, from which Labour Force benchmarks are produced. These revisions have been incorporated into the quarterly rebenchmarking revisions. For more information, please refer to ‘Net Overseas Migration revisions in Labour Force benchmarks during COVID-19‘.

The usual resident civilian population in June 2021 was revised up by around 0.02% .

Revisions to original series also result in revisions to seasonally adjusted series.

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How Is Us Unemployment Data Collected

Official U.S. employment statistics are produced by the BLS, an agency within the Department of Labor. Every month the Census Bureau, part of the Department of Commerce, conducts the Current Population Survey using a sample of around 60,000 households, or around 110,000 individuals.

These surveys are conducted in person or over the phone. The responses are categorized by race, ethnicity, age, veteran status, and gender, all of whichalong with geographyadd nuance to the employment data. The sample is rotated so that 75% of the households are constant from month to month and 50% are from year to year.

What Is Unemployment Rate

The unemployment rate is the percent of the labor force that is jobless. It is a lagging indicator, meaning that it generally rises or falls in the wake of changing economic conditions, rather than anticipating them. When the economy is in poor shape and jobs are scarce, the unemployment rate can be expected to rise. When the economy is growing at a healthy rate and jobs are relatively plentiful, it can be expected to fall.

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Working Out The Labour Force

This report gives a very ‘high level’ view of employment. The problems with such wide-scoping studies is that many countries do not have the regular, high quality national statistics we do in the UK. Briefly flicking through the national statistics sites for other countries will show that straight away.

So, to get a global measure of employment the ILO use their ‘global employment trends’ model that is defined in their econometric models document. Basically, the model takes the data that is available for 66 countries and makes projections, that is a best guesses, for the data that is missing. The result is employment data for 178 countries.

The countries are each assigned a confidence level depending on how much employment data is available, and therefore we get some measure of the certainty of the employment figure.

Unfortuantely the ILO do not publish any of this lovely detail about the employment level for each country. We do, however, get to see the ball-park figures of employment for world regions like the Middle East. One final point to make about the ILO method, is that their source data does not take into account the number of people who are self employed.

What’s Next For The Unemployed

Jobs are coming to the Triad, but here’s how many people are unemployed

At this point, some jobless people may need to find work out of desperation, even if it means having to scramble for childcare or put their health at risk. And that’s downright unfortunate. But at this point, it doesn’t look like lawmakers will reinstate unemployment benefits for those who have recently seen it run out.

Similarly, it doesn’t look like a fourth stimulus check is in the cards for 2022. While the number of new jobless claims has risen in recent weeks, the economy is still in a much better place now than it was back when the American Rescue Plan was signed into law. And so those who are banking on another stimulus round may be in for a big disappointment.

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How Is The Unemployment Rate Measured

Unemployment occurs when someone is willingand able to work but does not have a paid job.The unemployment rate is the percentage ofpeople in the labour force who are unemployed.Consequently, measuring the unemployment raterequires identifying who is in the labour force.The labour force includes people who are eitheremployed or unemployed. Figuring out whois employed or unemployed involves makingpractical judgements, such as how much paidwork someone needs to undertake for them tobe considered as having a job, as well as actuallycounting how many people have jobs or not.

In Australia, the Australian Bureau of Statistics is responsible for collecting labour market data.The ABS conducts a survey each month called the Labour Force Survey in which it asks around50,000 people about their participation in the labour market. As part of this survey, the ABS groupspeople aged 15 years and over into three broad categories:

  • Employed includes people who are in a paidjob for one hour or more in a week.
  • Unemployed includes people who are not ina paid job, but who are actively looking for work.
  • Not in the labour force includes people notin a paid job, and who are not looking for work

    This can include people who are studying, caring for children or familymembers on avoluntary basis, retired, or who are permanently unable to work.

Once the number of people in each of these categories has been estimated, the followinglabour market indicators can be calculated:

What Is The Current National Unemployment Rate

The current national unemployment rate is 6.2 percent, according to the U.S. Bureau of Labor reported in March.

The unemployment rate is very high. The number of unemployed people is increasing. In this article, we will you about bureau of labor statistics and unemployed benefits. The labor market has million people counted as unemployed. A number of unemployed workers are job losses due to pandemic.

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Transition To Periodic Measurements

In 2017, according to The Economic Times, the government announced that the “employment data collection in India will soon undergo a major revamp”, after a high-level expert panel recommended an end to the five-year employment surveys by National Sample Survey Organisation . The panel led by Niti Aayog vice chairman Arvind Panagariya recommended that it be replaced with an annual or more frequent and reliable data collection and reports. According to this panel, the NSSO methodology and practices have yielded misleading and biased data that “do not include the self-employed and farm workers, and are marred by low or irregular frequency and long-time lags”.

How Many People Are Unemployed Now

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The most recent unemployment rate – for January to March, when most of the restrictions were still in place – was 4.8%, according to the Office for National Statistics .

The that means about one in 20 people who want a job can’t find one.

That’s more than at the start of the pandemic.

However, despite lockdown, the unemployment rate has fallen slightly since the autumn.

This has surprised most economists, who were expecting unemployment to be much higher.

It is partly because businesses have become better at coping with lockdowns, as well as the government spending billions of pounds supporting jobs.

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Unemployment By Country 2021

The unemployment rate is defined as the percentage of unemployed workers in the total labor force. The unemployment rate includes workers who currently do not work, although they can do so.

The unemployment rate is a lagging indicator, meaning it responds to changing economic conditions rather than predicts them. When the economy grows at a healthy rate, the job market is plentiful, and the unemployment rate will fall. When the economy is experiencing a recession or turbulent times, the unemployment rate tends to rise due to a lack of jobs.

There are three types of unemployment: frictional, structural, and seasonal. Frictional unemployment refers to temporary unemployment during the period when someone is searching for a job. Structural unemployment is the mismatch between workers’ skills or locations and job requirements. Seasonal unemployment is caused by seasonal changes in a population’s activity, such as tourism or agriculture.

Unemployment has many adverse effects. These include:

  • Increased depression and other mental health problems
  • Overall lower economic productivity and consumption
  • Lower rates of volunteerism
  • Erosion of skills

According to the Bureau of Labor Statistics, the U.S. unemployment rate was 3.8% before the COVID-19 pandemic . By May 2020, the unemployment rate may have been as high as 16%. By September 2020, the unemployment rate .

The ten countries with the lowest unemployment rates are:

Why There Are So Many Underemployed Workers

There are many reasons why workers cant find the jobs that they want or that theyre qualified to perform. Underemployment becomes an issue when the supply of certain jobs is lower than the demand for those positions. An economic downturn can also lead to underemployment. In a recession, for example, workers who lose their high-skilled, high-paying jobs may have to take up part-time jobs.

Technological advancements can also raise the underemployment rate. New technology and automation may eliminate the need for some workers. After theyre laid off, displaced workers may need to find low-paying jobs until they can acquire new skills. Technological change and offshore outsourcing are two reasons why the manufacturing industry has been in decline for decades.

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Nearly Half Of Us Adults With Lower Incomes Have Had Trouble Paying Their Bills Since The Start Of The Coronavirus Pandemic

A quarter of U.S. adults say they have had trouble paying their bills since the coronavirus outbreak began. Smaller shares of U.S. adults say they have had problems paying their rent or mortgage or affording medical care for themselves or their families . Still fewer say they lost their health insurance .

Among adults with lower incomes, 46% say they have had trouble paying their bills, and about a third have had problems paying their rent or mortgage since February significantly higher than the share of middle- and upper-income adults who have faced these struggles. This income pattern holds when looking at the shares saying they had trouble paying for medical care or lost their health insurance.

Among other key demographic groups, women, adults under age 30, Black and Hispanic adults, and those who have not obtained a college degree are among the most likely to say they have had trouble paying bills, their rent or mortgage, or for medical care. These groups have been especially impacted by higher unemployment rates during the coronavirus recession.

Why Is There Such A Big Gap In The Data

Unemployment: How many? How long?

The first thing to understand is how each figure is derived. The 10.1 million unemployed data point comes from a survey of 60,000 households the Census Bureau collects each month. All the adults in the household are asked a series of questions about whether they are employed full or part time, if they are looking for work or if they have given up and stopped looking for a job. To be considered officially unemployed, someone must have searched for a job within the past month.

In normal times, this monthly survey works pretty well, but these are not normal times. Response rates to this survey have fallen during the pandemic, and low-income families that have been hit hardest by the pandemic and job losses have been the least likely to respond, census researchers found.

Another unusual challengeof this pandemic is a lot of people arent sure if they are truly unemployed or just on an extended absence from work. The Labor Department has been open about a misclassification error in which some people who should have been marked as temporarily unemployed were instead classified as employed but absent from work for other reasons. This issue makes the unemployment figures look betterthan they are.

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Why Dont Companies Raise Wages

WHAT MATTERS: The counter-argument is that workers in less desirable jobs are underpaid. Im no economist, but couldnt companies just pay workers a higher wage to bring them into the work force?TAPPE: Thats actually already happening. The reopening has spurred demand from consumers and many companies have a hard time keeping up with demand so theyre raising wages to attract workers. Under Armour Wednesday announced it will bump its US minimum wage from $10 to $15 an hour to compete in this confusing labor market, which means a pay rise for 90% of the companys store and warehouse staff. Amazon, Walmart, Costco, McDonalds, Chipotle and others have also increased certain wages.Bank of America went a step further Tuesday and announced it would lift its minimum wage from $20 to $25 per hour.

Youth Still Find It Difficult To Secure Jobs In South Africa

This year marks the 45th anniversary of the 16 June 1976 student uprising in Soweto. In 1994, the new democratic government declared 16 June as National Youth Day and June as the Youth Month. With the focus on the youth under the theme: The Year of Charlotte Mannya Maxeke: Growing youth employment for an inclusive and transformed society, the vital question is What strides have we made in ensuring our youth have better opportunities for employment in South Africa?

According to the Quarterly Labour Force Survey of the 1st quarter of 2021, young people are still struggling in the South African labour market. The official unemployment rate was 32,6%. This rate was 46,3% among young people aged 15 34 years, implying that almost one in every two young people in the labour force did not have a job in the first quarter of 2021. About a quarter of the youth have jobs and 45,3% of them participate in the labour market. Within the youth, those aged 1524 years are more vulnerable in the labour market with an unemployment rate of over 63%, an absorption rate of about 7,6% and a labour force participation rate of 20,6%.

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