Unemployment

Conditions of Labor Markets in 2008

With currently working for the United Parcel Service I have realized how important financial issues can be when it comes to the economy of America. Obviously over time, when there is an economic slowdown it eventually affects everybody no matter what occupation they hold and no matter how wealthy they are. You would not think that a college student would be affected by such a economic slowdown but in most cases kids that have to work to pay for their education feel it stronger than others that do not work to make it through college. Recently in the United States the country is probably in a recession that has caused people to lose jobs and to lose homes. In history, there have been many recessions that have taken place, but like the old saying goes “history repeats itself” this statement definitely is effective in this current situation. Although economists have been seeing this come for years the warning signs were not clear enough and now it is too late to turn back our mistakes and pretend it never happened. Currently, people are losing jobs and are not seeing them come back.  

In October 2008, it was reported that the unemployment rate was 6.5 percent. As far as statistics go, on the website the unemployment rate is revealed in a percentage rate. In reality, when someone looks at that decimal it is more easily accepted but, when the number is expressed with a few zeros on the end I feel that it is more devastating to the eye. Comparing the age of unemployment in America numbers seem to be somewhat surprising yet accepted. When looking at the unemployment rate of sixteen year olds and over, it seems as though in 2008 both males and females, there is a significant difference in between. In these results, it would have to be assumed that the rate for sixteen year olds and older cover more people since the legal employment age is sixteen years of age so naturally there would be a larger number in unemployed. Also, looking at the data, age really has no effect on the numbers. Looking at the stats for twenty five year olds and over there is obviously less numbers of older people in the nation and most elderly choose retirement instead of working for the rest of their lives. With this economy though, it is looking like people are realizing they don’t have a choice whether they retire or not due to expenses they are finding they have to work for the rest of their life time just to survive without being homeless.

Comparing men and women, the statistics of their unemployment change very little but have some difference. For instance, looking at men over twenty years of age there is a 5.1 percent unemployment rate, compared with the women’s over twenty years of age 4.7 percent. These rates differ mainly because of the type of jobs men and women occupy. When a recession or depression comes depending on the job they lose their jobs at different rates. Looking at the current times there is an equal amount of women and men who have occupations and take part in the work force in America. Although there is an equal amount, it is given that men are still known to have the job in the family. Assuming this is the reason why men have a 5.1 percent unemployment; men currently hold the highest unemployment rate. Not having an equal amount of genders in the work force maybe one reason, but the ages also play a role in it.

Throwing out the gender and age scenario, the level of school has a definite difference in job opportunity, especially in this day and age.  Comparing all of the possible education levels the rates are reported as expected. The highest unemployment rate in the U.S. can be claimed by the population that fails to complete their high school education. As research goes on, the higher the education the lower the unemployment rate. For example, the employment rate for the high school drop outs and/or people that never went to high school is sitting at a 9.3 percent unemployment rate. For college graduates the unemployment rate is sitting at a very small 3.0 percent rate. With the ones who have completed high school and has not completed college the numbers very but are in between the extremes on the success pole. As a reader you can see that unemployment rates can vary depending on the situation of the person, he/she’s age, and or education they have completed.