Week 3 DIscussion PDF

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The current labor force participation rate in the United States was 63 percent, as of June 2019 (The Balance). Next, U3, or the U-3 unemployment rate, is the most commonly reported rate of unemployment in the United States. This term represents the number of people who are actively seeking employment. The, the U-6 rate, or U6, is defined as all of the discouraged, underemployed and unemployed workers in the United States, or in another country (Investopedia). As of July 2019, the U-3 unemployment rate, meaning the total unemployed, as a percent of the civilian labor force, within the United States rests at 3.7 percent. Alternatively, the U-6 unemployment rate, or total percent of unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force, is at 7 percent (BLS). This information shows that the U-6 unemployment rates are almost double that of the U-3 unemployment rate. This means that, when including a number of additional factors (again, unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force), there is a much higher percentage of unemployed individuals. Within the United States, factors are contributing to the current unemployment rate and current labor participation rate involve topics from this week’s lessons and the textbook: frictional unemployment, structural unemployment and cyclical unemployment ((Macro) Episode 19: Types of Unemployment). Ultimately, frictional unemployment is when there is a temporary transitions that workers make when moving from job to job. Typically, this is due to them looking for better pay or a job that more precisely matches their skills, or because of a more personal change (like a family move). Then, structural unemployment is when there is a mismatch in the demographic or industrial composition of a local economy. For example, this can occur when there are more technically advanced jobs than there are people with the level of education to be able to fulfill the roles (Debt.org). Lastly, cyclical unemployment is when there is not enough demand for goods and services in the economy as a whole to provide enough jobs for everyone willing and able to work in the workforce (Debt.org). Overall, I think that the three main categories of unemployment all stem down to education and opportunity. If people do not have the education required to complete tasks involved at a workplace or within a position, they are not qualified for hire. As for opportunity, some people do not have the ability to physically get to work, or have disabilities making it difficult for them to work in certain fields. Although social workers are able to provide aide, a big problem in our society is that people who are undereducated or underprivileged just don’t realize how and where to access the resources available.

Works Cited Amadeo, Kimberly. “5 Reasons Why People Dropped Out of the Labor Force and Won't Return.” The Balance, The Balance, 2 Aug. 2019, www.thebalance.com/labor-force-participation-rateformula-and-examples-3305805. Investopedia. “U3 Vs. U6 Unemployment Rate: What's the Difference?” Investopedia, Investopedia, 15 Apr. 2019, www.investopedia.com/articles/investing/080415/trueunemployment-rate-u6-vs-u3.asp. mjmfoodie. “(Macro) Episode 19: Types of Unemployment.” YouTube, YouTube, 30 Sept. 2009, www.youtube.com/watch?v=ZckAN1KYB5I&feature=youtu.be. “Table A-15. Alternative Measures of Labor Underutilization.” U.S. Bureau of Labor Statistics, U.S. Bureau of Labor Statistics, 2 Aug. 2019, www.bls.gov/news.release/empsit.t15.htm. Writer, AuthorAl KrulickStaff. “United States Unemployment - History, Causes & Consequences.” Debt.org, www.debt.org/jobs/unemployment/united-states/....