Question

This assignment is about unemployment rate.

Select an economy, it can be a country, a state, a city (you can use the data of a US city or a US state, but not the US national data).

Find a chart of the unemployment rate of that economy over the years.

Highlight two periods which show significant changes of the unemployment rate, and discuss the underlying reasons for the changes.

Finally, discuss what we can learn from the unemployment data.

Remember to include links, graphs and pictures in your assignment.

I highlignt the question!!!!!!!

sample assignment

Hong Kong unemployment rate (1981 - 2017)

Unemployment rate remained low in early 1990’s, it even dropped below 2%. After Hong Kong was handed over from UK to China in 1997, unemployment rate rose significantly. It is caused by the Asian financial crisis starting in 1997. Stock market crashed and the fixed exchange rate between Hong Kong dollars and US dollars was challenged by international financial speculators. Together with the fall of housing prices, the wealth of Hong Kong people decreased significantly.

Hang Seng Index (Hong Kong stock market index)

In 2003, we observed another hike in unemployment rate which is due to the outbreak of a deadly epidemic, Severe Acute Respiratory Syndrome. Tourists did not come to Hong Kong, people dared not eat out at restaurants. Unemployment rate jumped to over 8%.

A subway with just a few passengers during SARS epidemic in 2003.

High unemployment rate, deadly epidemic and ineffectual response by the government caused a massive protest in 2003. Over 1 million people went on to street to protest. Given a population of less than 7 million, the public protest is the greatest in the history of Hong Kong.

What can we learn from the unemployment rate data?

The unemployment during the downturn of the economy is mostly cyclical unemployment. A small economy like Hong Kong is particularly vulnerable to shocks, like the financial crisis in 1997 and the epidemic in 2003.

Unemployment rate is the most important indicator watched over by the government, as the public can feel the significance of a high unemployment rate. Meanwhile, the public may not feel so much about a higher GDP growth.

Government works hard to keep the unemployment rate low. Too high the unemployment rate can result in mass protest, which may lead to political unrest if it is not handled properly. Political stability is highly related to low unemployment rate

Answer 1

Indian Unemployment rate (2007-2017)

This decade is a very important factor in Indian Economy as there are lot of changes took place during that period both politically and economically.

Befor 2007 the Indian economy is under very proposer growing state with 7.8% which is than the 2007 crisis took place

During 2007 US economic crisis that present government during that period made a changes so that those crisis will not effect our counter which is a wrong step taken by than government. The steps they took without even understanding the impact of crisis on India they simply made changes will lead to fall of growth rate of economy, inflation rate increased, price level increased, unemployment increased to 3.7% at the end of 2017 and the same continued to increase that very next year in 2008 by 4.1%. Stock market crashed and many more took place.

This one change made Indian currency value depreciate and many other changes

After that the 2009 elections took place and the party which made changes is elected again and these time they tried to rectify their mistakes which lead to fall in unemployment rate to 3.9% from 4.1% which is a good and they tried to create employment oppurtunities and they further made to make the unemployment rate stable at 3.6-3.7% till 2013. During these period of 2009 - 2013 the government made so many mistakes and so many wrong decisions which lead to fall of government and people in the country are against towards that party .

Now the unemployment rate decreased to 3.4% in 2014 during the election of now PM where the investment are more and the government created employment to people.

But with a population of 1.2 billion country the employment oppurtunities created are not sufficient which means 7 million got jobs till 2017 from 2014 which from the new data of ILO there 31 million unemployed people in India which is not a good sign .

During these 2014-2017 also the jobs are created due to more investments in India from foriegn countries.