Unemployment 2001-2003
Name
Institutional Affiliations
The issue of unemployment of a major challenge that is facing the modern world in developing countries as well as developed nations such as the United States. The impact of unemployment is usually felt individual, social and economic level and the costs are universal (Norström et al., 2014). The loss of output in the context of macroeconomic aspect as a central problem that occurred between 2001 and 2003. The rate of unemployment also affects the tax payment as well as social premiums. It is a cause of motivation discrepancy that avails crime opportunities in the fact that there is positive correlation between crime and unemployment.
The United States’ labor market is dynamic and characterized with flexibility. The people who enter in this economy are bound to experience change through the jobs offered as per the expectations of the many. The 2002 unemployment spells was an insight on the unction of market that permits people to engage in transitions as well as response to the demand in labor shift. The 2001-2003 some the rise on unemployment and this was devastating to the people who are at the age of working. The devastating effects of unemployment on social and economic aspect were non-pecuniary and pecuniary (Norström et al., 2014). The unemployment in this period affected the housing process, vocational activities of people heath situation and leisure time. The 2001-2003 unemplyment led to the redction of social and individual satsafction on finace andvocational acvaty. Moreover, in the context of health it had negatve impact since ita fcted the well-being of the people. Fisrty, there was diffrences in corss-country and other conseqiences that are linked to unemeplamat such as the labor market functioning and regulations.
According to the data collected by current population survey, it is clear that percentage on employment rose to slightly higher percentage 3.9%. This was total share of the unemployed who had completed temporary jobs and made up of job losers 2. The percentage declined from 12.3% in 2001 to10.4 to 2002 the employees who left job (Chowdhury et al., 2013). The Reentrants percentage again declined from 30.1% in 2001 to 28.5% and new entrants declined by 0.2% from 2000 to 2001.The big percentage increased in share was among permanent job losers. The percent with unemployment was gradually rising up from 2001,2002 and 2003. In the same period, there was increased GDP that was caused by informal eceonmy that steadily held the eceomy in 2003. The unemployment rate hit the people aged between 15 and 24 years that amounted to more the 88million who were by the increase rate of unemployment. In 2002, more than 108 million of the unemployed people were men.
The rising level of unemployment as well as underemployment that was witnessed in the period between 2001 and 2003 was caused by the slowed upturn in economic situation and industrialization in the world. The curtailment of working environment and the pressure to reduce the level unemployment but the sitautin was unstappbe as the number kept on increasing. The global crsis that was caused by frustatred the young people (Huynh et al., 2010). The reason is base the youth were the fisrt people who lost jobs in course of economic crisis and usually the last people who are consdred during the rebounding of the econmy. The unemployment of the youths as well as underemplement that occurred in 2001 extending to 2003 led to reduced opportunities for development and economic growth.
Norström, F., Virtanen, P., Hammarström, A., Gustafsson, P. E., & Janlert, U. (2014). How does unemployment affect self-assessed health? A systematic review focusing on subgroup effects. BMC public health, 14(1), 1310.
Huynh, P., Kapsos, S., Kim, K. B., & Sziraczki, G. (2010). Impacts of current global economic crisis on Asia’s labor market (No. 243). ADBI Working Paper.
Chowdhury, A., Islam, I., & Lee, D. (2013). The Great Recession, jobs and social crises: policies matter. International Journal of Social Economics.