Explain what you think the unemployment rate will be in the next 6 months for your local area.

Question:

Explain what you think the unemployment rate will be in the next 6 months for your local area.

Unemployment rate:

It is the percentage of unemployed people in the workforce. The total workforce consists of both employed and unemployed workers within an economy. The unemployment rate gives insight into the unused resources and spare capacity in an economy. There are different types of unemployment, which include frictional, structural, and seasonal unemployment.

Answer and Explanation: 1

I think the employment rate in the U.S will continue to decline as it has declined to 7.9% in September because of slow hiring. The decrease in the unemployment rate is due to some factors, including the covid-19 pandemic occurrence, which has caused the economic recovery to weaken. With a lack of vaccine and a high chance of infection, the unemployment rate will continue to decline as quarantine and social distancing measures are implemented. With limited resources and companies losing money, the unemployment rate may decline as more people may be laid off, and hiring workers may also reduce until there is a breakthrough, and businesses start to operate efficiently again.


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Why the Unemployment Rate Decreases and Increases

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Chapter 6 / Lesson 2
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Unemployment rates are an important indicator of the economy. This lesson will explore what defines unemployment, why unemployment rates change, the way unemployment is calculated, and look at the three types of unemployment.


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