K12 Online School Macro Economics unemployment rates Question

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Economics

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  1. INTRODUCTION.  The introduction states the reason(s) why your topic deserves consideration.  In other words, why is your topic relevant and why is it of interest to the the public.
  2. SUMMARY OF RESEARCHED ARTICLEs. Each article should be summarized separately.  At the beginning of each summary, please state the author, the title, the source of the article, and the date it was published.  Do not start a new page with each summary. Also, consider that the articles you select must have a common theme or topic. They can't be randomly selected articles on Macroeconomics.
  3. EVALUATION AND CONCLUSION.  In this section you should state assess the topic.  How does this topic relate to your life now and in the future?  How does this topic affect you or a particular business or industry? 

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Date: April, 29 2022 PLAGIARISM SCAN REPORT 43% 57% 989 6395 Plagiarised Unique Words Characters Excluded Url : None Content Checked For Plagiarism Recent research findings show an increasing rate of Unemployment in the United States. It is an issue that has been contributed by the recent COVID-19 pandemic, unemployment benefits, and many dependents individuals. The surging unemployment rate is relevant because it has affected many people, businesses, and the entire U.S. economy. Consideration to stimulate business growth and save the U.S. economy. It has reduced the hiring rate among businesses, impacted the service industry, and deteriorated the U.S. economy. Unemployment is an issue of interest to the public because people want to know the government's measures to remedy the problem. Currently, vaccination seems to be a major solution to unemployment. The essay will summarize two similar articles discussing unemployment in the U.S. between 2020 and 2021. It will identify its causes and vaccination as a possible solution. Summary Irwin is the author of an article titled Unemployment in the New York Times newspaper. Its title is ‘Unemployment is high. Why Are Businesses Struggling to Hire?’ The article was published on April 16, 2021. The author shares various findings regarding Unemployment in the United States. Specifically, he evaluates the U.S. unemployment rate and its causes. He observes that the U.S. unemployment rate in 2021 was 6 percent, representing 9.7 million Americans (Irwin, 2020). He observes that the labor shortages would have serious implications for the future of the U.S. economy if they persisted. Specifically, it could result in unnecessary business failures and brakes on growth and rising prices of items. Various interrelated theories explain the unemployment in the United States. They include public health and economic situations that are changing rapidly. The author notes that the public health situations contribute to the unemployment rate in the country. It has affected many service businesses such as entertainment and restaurants because people no longer want to move from their homes, citing fears of getting sick (Irwin,2020). However, the author is keen to identify a relationship between the vaccination of people and the increased employment rate because vaccinated individuals are more comfortable when working. As a result, Irwin suggests that vaccination should be used to reduce the unemployment rate. Dependency Population Another cause of unemployment is the increased number of people required to take care of dependent people. They include the older person, disabled relatives, and children not attending school (Irwin, 2020). The number of adults caring for the dependent group is around 2.1 million, representing about 14% of unemployed adults. The high dependency population impacts the hiring rate because schools, daycare, and eldercare centers cannot employ workers. Unemployment Insurance Irwin argues that the government is a significant cause of unemployment through the expanded unemployment insurance. He argues that unemployment insurance and a pandemic stimulus payment of $300 weekly motivate people not to work (Irwin, 2020). He asserts that more generous unemployment benefits lead to a 3% decline in people applying for work. Schwartz is the author of an article in the New York Times titled ‘Unemployment Claims Remain High as Millions Still Struggle to Find Work.’ The article was published on December 31, 2020 (Schwartz, 2020). Schwartz investigates the general status of unemployment in the United States in 2020, its causes, the affected group, its effects, and current trends. He notes that the U.S. economy remains stuck in the unemployment situation after many months of COVID-19. The restriction affects the service economy, despite businesses in other industries recording excellent growth. Causes He observes that the reduced rate of hiring and the COVID -19 are the main causes of unemployment in the U.S. He argues that hiring has reduced, and little growth in payroll is expected to be seen in many organizations (Schwartz, 2020). The most affected by the low hiring are the lower-skilled workers. The rate of unemployment among college graduates in 2019 stood at 4.2%. Also, the unemployment rate for workers with a high school diploma stood at 7.7%. The overall rate of unemployment for all Americans was 6.7% in 2019. Effects The rate of joblessness among Americans has led to increased unemployment benefits claims. For example, about 841000 new unemployment benefit claims were reported in December (Schwartz, 2020). Besides, 308000 part-time workers and self-employed individuals filed for pandemic unemployment assistance. The increased number of people claiming unemployment benefits is an unfavorable sign. Also, various uncertainties, such as the fate of the pandemic relief bill, forecast a high rate of layoffs. Trends Schwartz notes that the overall labor market in the U.S. is losing momentum at a crucial time. The job market is likely to worsen by stricter state and local restrictions impacting the service industry businesses, such as restaurants (Schwartz, 2020). A report by Mr. Anderson shows that the unemployment rate will rise to 6.9% due to slowed hiring, despite having fallen sharply from 14.7 since April 2019. Movement restrictions have caused many people to remain at home, leading to increased layoffs among workers working in dining, entertainment, and travel businesses. However, the introduction of vaccines signals positive economic signs, such as a booming housing market and increased stock prices. Evaluation and Conclusion The unemployment issue in the U.S. is a serious problem that attracts the attention of many people. Usually, many people have always considered the U.S. as a country with a low unemployment issue due to a large job market. Therefore, when research shows that unemployment has risen, people from other nations become worried because they have been targeting the U.S. for competitive jobs. However, the relationship between vaccination and reduced unemployment gives hope to many. The issue relates to my life at the moment because I am jobless, having lost my job as a chef in a restaurant due to the low demand for services caused by the reduced number of customers. The findings showing that vaccination may solve the issue gives me hope that soon I might find a job. It also gives me hope that I will continue with my studies discontinued by lack of finance. 32% Plagiarized As a result, Irwin suggests that vaccination should be used to reduce the unemployment rate. Dependency Population Another cause of Unemployment is the increased number of people required to take care of dependent people. They include the older person, disabled relatives, and children not going to school (Irwin, 2020). https://www.coursehero.com/file/144178549/Macro-Economics-essayediteddocx// 11% Plagiarized Movement restrictions have caused many people to remain at home, leading to increased layoffs among workers working in dining, entertainment and travel businesses. However, the introduction of vaccines signals positive economic signs, such as a booming housing market and increased stock prices. https://www.coursehero.com/file/144178549/Macro-Economics-essayediteddocx/
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Submission date: 02-May-2...


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