Unemployment in the US
Unemployment is one of the common problems affecting many people in the world. There have been widespread debates on the core causes of unemployment in the United States despite being one of economically stable nations in the world. Unemployment can be defined in terms of its causes and severity. The U.S unemployment rate fell sharply to 8% from 9.4 percent. Such news has always not brought joy to millions who are out there in search for the best jobs. In a sense, the number of people who want to work but do not have a job has been increasing on daily basis.
There are different types of unemployment common in the US. This includes cyclical unemployment, demand deficient unemployment, seasonal and frictional unemployment among other types. The effects of unemployment are widespread and not only affect overall US economy but also many other unemployed people. Employment opportunity defines a person’s position in the community and it is a necessary element in the society and makes it easy to enjoy a happy life. Long-term unemployment can be harmful emotionally, financially and psychologically.
The United States government employment report is based on two great surveys. This includes establishment report which asks of employers how many US citizens are on payroll. Secondly, they look at the Current Population Survey [CPS] whereby about 60,000 households are asked whether their members are working or looking for jobs. Responses from the government report provide enough details on unemployment rate in the US. Millions of Americans have not been able to find full-time job after many years of long search. Here are the notable causes of unemployment in the United States.
- Fewer new openings- job opening have become less in the US. The number of new jobs openings has crashed to below 3 million jobs when there were more than 3 million job openings before post-economic crisis.
- Lack of real growth- The US economy is absorbed by chronic lack of real growth. There are measly 36,000 jobs added on monthly basis and economists have concluded that at least 150,000 new jobs are needed to keep up with the increasing population.
- Advancement in technology- The advent of technology has impacted availability of jobs in the market. Many companies have relied on new technologies to an extent of employing fewer workers.
- High taxes- The US government taxes businesses personnel more than any other nation. This move by the government comes with many consequences as businesses are pushed out of the country and more jobs have died out.
- Increase Chinese job grab- China is one of the rapidly developing countries and it has taken away many U.S job in multitudes. China has been enjoying low labor cost and many people are moving into the country to seek job opportunity. Bulging trade deficit is eating up United States economy whereas hundreds of billions are going to the other parts of the world.
Unemployment has both personal and national effects. The 2008 and 2009 unemployment surge has affected many US citizens and its peak in 2010 has left many people languishing in pain and depression. Employment situation has worsened in the US with many young people failing to get full-time jobs. It is upon the government to create more jobs and offer young people the chance to improve their living standards.
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