Economics and Unemployment essays

Economics and Unemployment essays This research paper was written not only as a class project but also an informative way to give the reader an in depth learning experience of the recession in 2001. I will be discussing topics like the effects the 9/11 attacks had on the recession and categories of workers and last but not least regional differences. Lets analyze the rise in unemployment first. The Labor Department said new jobless claims fell to 427,000 for the week ended Nov. 17 - a week shortened by the Veterans Day holiday - from a revised 444,000 a in just a weeks time before. Economists surveyed by Briefing.com expected 452,000 new claims. That is way too much to overlook so Im sure that the government had their hands full during those two bad weeks. During the week of November 10 over 3.7 million dollars went to claiming workers benefits. Look at this graph to see how the unemployment curve kept rising: As one can see from the graph the unemployment skyrocketed to a crazy 5.4% by October. The effects of the 9/11 tragedy took their toll on our hearts and our fellow Americans. We can see how many ways it has affected us but we can only argue so much to see how it has greatly affected the unemployment rate. By October the unemployment rate was at 5.4%. Obviously we can see how and why people are losing their jobs. Stocks dropped, the value of each independent corporation or business depreciated and companies just cant afford the huge amounts of money that must go towards paying employees. Its a matter of business all the time. The three measures taken by businesses were: 1) Reduction of workers on full benefits (under lifetime employment, seniority-based salary and full retirement package). 2) Replacement of workers on full benefits with other more flexible workers (new workers recruited in mid-career, part-time workers, contracted workers, and temporary workers supplied by temporary staff placement agencies). ...