Write a 1 page essay on Unemployment.
otential and actual output, this article refers to the calculations presented by Lewis Alexander of Nomura Securities by using labor market indicators. According to these reports, the employed people represented 63 percent of population in 2007, as compared to 59 percent for 2009 population. The author thus justifies that the actual unemployment rate, as related to the actual output, is almost 1.1 percent higher than the given figure of 5.5 percent.
The article emphasizes the fact that many people in the country have stopped looking for jobs, which is falsely reflected through the decline of employment rate. Therefore, the author suggests that it is important to persuade such long-term jobless people to hunt actively for jobs. In this direction, the article refers to the recent call from President Obama to many corporate entities for encouraging such employment seekers. (Closing the Gap 2014)
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