Data Exercise.edited.docx - Running head DATA EXERCISE 1 Data Exercise Name Academic Institution Author Note Class Professor November 6 2019 DATA

Data Exercise.edited.docx - Running head DATA EXERCISE 1...

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Running head: DATA EXERCISE 1 Data Exercise Name Academic Institution Author Note Class Professor November 6, 2019
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DATA EXERCISE 2 Data Exercise Part 1: Unemployment Rate 1. The unemployment situation summary provides a breakdown of the status in the month of September, the year 2019. According to the data provided, the unemployment rate in September stood at 3.5%. This represented a 0.2% drop from the previous month. This implies that in August 2019, the unemployment rate was 3.7% (Bureau of Labor and Statistics, 2019a). 2. The adult women unemployment rate was at 3.1%, that of teenagers stood at 12.5%, blacks at 5.5%, Hispanics was at 3.9%, while that of whites stood at 3.2%. The unemployment rate for the whites fell by 0.2% from 3.4% in the previous month. The unemployment rate for the blacks remained constant from the previous month, while that of Hispanics fell from 4.2% during the last month. The unemployment rate for teenagers fell from 12.6% the previous month to 12.5% in the month summarized. The rate for adult women fell from 3.3% in the last month. 3. The factor that makes it hard to calculate the unemployment rate is defining the term "unemployed." Many schools of thought agree that for one to be considered unemployed, they need to meet the threshold of not having but wanting a job. This distinguishes the unemployed to those who have no interest in a job. The third element is that these people must be looking for a job. However, it does not specify what "looking for a job" entails. Quantifying these metrics makes it hard to determine unemployment rates accurately. (Mui, 2014). 4. Unemployment is an economic problem due to the increased costs of taking care of the unemployed. There is a loss of revenue to the government in the form of taxes that these unemployed people do not pay, owing to their lack of income. Crime is likely to increase when unemployment rates are high. The costs associated with these crimes pose an economical cost.
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DATA EXERCISE 3 High unemployment rates imply that the economy is inefficient as it is not working to its maximum capacity. 5. Unemployment has adverse effects on the mental and physical health of individuals. These people are most likely to suffer from depression and stress due to their inability to find a source of income. Unemployment is also credited with a rise in the rates of alcoholism, drug abuse, crime, and suicide. 6. The economy is the most significant loser when the rates of unemployment skyrocket. It is estimated that for a 1% increase in the unemployment rate, the GDP of a country drops by 2% (Gleeson, 2019). Decreased level of employment means reduced revenue in the form of taxes as well as a reduction in the spending power of the population. In general, the economy loses when unemployment rises.
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