Sample Economic Essay on Unemployment Rates

Unemployment Rates

The official definition of the unemployment rate is the part of the labor force that remains unemployed for at least six months. The US government defines the labor force as those people above the age of sixteen who are employable and willing to be employed. The paper analyzes US unemployment rates statistics for the age group of 20 to 24 years old.

According to Labor Force Statistics from the Current Population Survey, the age group of 20 to 24 years old, both male and female of all races had an employment rate of 11.6% in both January and February 2014 which is a slight increase compared to 11.1% that was recorded in December 2013. These rates were almost double the national average unemployment rate which was 6.7%, 6.6%, and 6.6% in December 2013, January 2014, and February 2014 respectively (Databases, Tables & Calculators by Subject).

The high rate of unemployment in this age group could be caused by the fact that most of its members are still attending college or university full-time classes and therefore have less time to seek employment or have dedicated their time to finish their studies first and then seek employment after graduation. However, immediate employment after graduation is always not guaranteed as many graduates continue to search for jobs many years after graduation. But still, obtaining a college or university degree reduces the risk of remaining unemployed to a great extent. Most fresh graduates find it hard to get formal employment because they lack the working experience and skills required by most employers. They can gain the required experience by offering to volunteer or through unpaid internships. Thereafter, getting employment will be easier. Graduates also have a wider range of employment types to choose from. They can either seek formal jobs for which they are qualified or undertake casual labor such as restaurant waiters or taxi drivers. On the other hand, non-college graduates have been restricted to casual employment thus college graduates have an added advantage.

Conclusion

Bureau of Labor Statistics indicates that among the population above 20 years of age, unemployment is highest in the age group of 20 to 24 years. This can be explained by the fact that they could still be schooling. After schooling, however, they stand a better chance of getting employed.

Works Cited

“Databases, Tables & Calculators by Subject” Bureau of Labor Statistics 22 March             2014.Web. 22 March 2014.

< http://www.bls.gov/web/empsit/cpseea10.htm>

“Labor Force Statistics from the Current Population Survey” Bureau of Labor Statistics. 07    March 2014. Web. 22 March 2014.

<http://www.bls.gov/web/empsit/cpseea10.htm>