The Unemployment Situation Summary
The Employment Situation Summary is summarized for the month of June 2019. June 2019 unemployment rate was 3.7 percent. In June professional, business services, health care, transportation, and warehousing gained a lot of employees. The unemployment rate increased my 0.1 percent from May’s unemployment rate.
The unemployment rate for adult women was 3.3 percent, which was an increase of 0.1 percent from last month. For teenagers the rate was 12.7 percent, but that was the same percentage for the month of May. Whites also stayed the same percentage for the month of May and June, which was 3.
3 percent. African Americans were at a 6.0 percent unemployment rate and they decreased their unemployment rate by 0.2 percent from the previous month. Lastly, Hispanics and an unemployment rate of 4.3 percent. Their unemployment rate increased by 0.1 from May.
In measuring the unemployment rate, the Bureau of Labor Statistics focus on the numbers of those who are actively looking for work. The unemployment rate does recognize teenagers at the age of 16. The teenagers that are 16 and above do go to school.
Adults who are not working or seeking work as they do not participate in the labor force. When looking at unemployment, it is difficult to distinguish how structural and frictional unemployment affect the three groups of unemployed people. At other times, there may be cyclical unemployment that changes with the economic fluctuation. Overall, the notion that art-time workers are fully employed underestimates the level of unemployment.
Unemployment affects the economy since people are losing their jobs and their income. Unfortunealy companies will experience lower sales and then they will have to let some of their employees go.
There is a lower aggregate demand resulting from lower consumer expenditure and lower economic growth as other workers are affected.
A rise in unemployment worsens despair for the parents that cannot adequately meet their financial obligations. The unemployed are likely to have low self-esteem, and some might engage in illegal activities and violence as a way to put food on the table. The unemployed might enter into the shadow economy until they find a steady job.
Everyone loses from unemployment. The individual that is unemployed has an automatic impact on their standard of living because they need to scram to find a job and make sure they have enough money to pay bills and have food on the table. Unemployment also affects the society because if there is a significance unemployment rate than that can affect the trading between the country’s trading partners. Businesses pay the price for unemployment as well. Lastly, it affects the government because they will have higher payments for people that have unemployment benefits.
In this exercise I didn’t realized how much unemployment affect the country as a whole. I knew it would affect the individual and the more they unemployed the likely they will take part in the shadow economy. It was great to know that the unemployment rate is slowly going down.