The unemployed are those people able, available and willing to work at the going wage but cannot find a job despite an active search for work
How is unemployment measured?
The Claimant Count measure includes people who are eligible to claim the Job Seeker's Allowance (JSA). The data is seasonally adjusted to take into account predictable seasonal changes in the demand for labour.
Mass Unemployment in Greece
Greece's unemployment rate hit another record high in May 2013 of 27.6%. The figure compares with a jobless rate of 23.8% in May last year. Among those in the labour market aged 15-24, the rate is 64.9%, as Greece sees its sixth year of recession. Greece has seen a 25% drop in real national output since 2007.
Heavily in debt, the Greek government has received emergency financial assistance from the International Monetary Fund (IMF) and the European Central Bank.
The money has strict conditions attached which demand that government debt levels are reduced. That has meant deep job cuts, tax increases, and reductions in wages and pensions. There are widespread fears that this period of fiscal austerity is making the Greek recession worse and adding to the depth of the unemployment problem. The International Monetary Fund (IMF) says Greece needs to take more action to promote growth and deliver promised structural reform.
Source: Adapted from news reports
Are we measuring unemployment accurately?
1 / Discouraged workers
2 / The Economically Inactive – these are people who are not actively looking for work – some of the reasons include:
3 / Under-employment: In many countries data may ignore the extent of under-employment, for example people who want full-time work but have to settle for a part-time job. In many lower-income countries the quality of the labour market data may be poor causing published figures to be inaccurate. The number of underemployed workers i.e. those who want to work more hours, has risen by an estimated 1 million (or 47.3%) since the start of the economic downturn in 2008 to stand at 3.05 million in 2012.
There are big differences in unemployment rates across the UK – why do you think some regions suffer from persistently higher jobless problems? Over the period March 2013 to May 2013, the North East had the highest unemployment rate, at 10.4% of the economically active population. The lowest rate over the same period was 5.8% in the South West.
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