Question

Unemployment

How do economists measure unemployment? Why is unemployment not a perfect measure of joblessness? Visit the Bureau of Labor Statistics website and explore the national unemployment rate section. What is the current level of national unemployment? Has it increased or decreased? Explain why the unemployment rate has changed. (You can also talk about COVID-19)

Answer 1

The measure of unemployment depends on the working population that is labor force partitipation rate of the country. Bereau of labour statistics not included the under 16 age people as the working people. The unemployment rate calculated by dividing the number of people unemploye with number of labour force participation.

Unemployment is no a perfect measure of joblessness because unemployment itself is a complexive thing and different reasons behind the joblessness. Eventhugh the individual is availed with the job but he volunteely want to be unemployed. We can't say that he is unemployed. But technically he is. And some one will be unemployed for days some for few weeks and some for months due to different reasons. The labour force participation rate is important to calculate the unemployment. The unemployment is always changes. Joblessness is only reffered to the individual who seeks for a job but he didn't get any job that leads to the joblessness.

According to bearue of labour statistics the national unemployment rate is increased to 4.4% that is 701,000 nonfarm payroll employment fall. The data resembles increase in the unemployment. It is the present scenario due to COVID 19 effect most of the individuals lost their jobs but at the same time there are few occupation that are getting more earnings for the increarsing the working hours. Like doctors, banking system. And there are few necessary works going on like mining etc . The Covid-19 effect a lot on the livelihood of the people and the employment.