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What Is Lack Of Employment Or Income Stability
What is Lack Of Employment Or Income Stability? Lack of employment or income stability commonly referred to as unemployment, occurs when an individual is seeking work and is available to work but cannot work. The existence of a Lack of employment or income stability is usually measured in terms of the unemployment rate. In simple mathematical terms, unemployment rate is defined as the ratio of the unemployed workers to the total labour force. It is measured in terms of % as follows.
Unemployment rate = Unemployed Workers X 100/ Total Labour Force
Lack of employment or income stability can have a multitude of causes ranging from the general phenomenon causes like cyclic unemployment that results from decline in economic activity and production. They can be remedied by stimulating the economy. Another cause can be attributed to Frictional Unemployment. Frictional unemployment occurs due to continuous movement between various jobs. Remedies include provision of information related to job market, removing barriers to enter particular occupations etc
The post September 2008 financial crunch situation resulting in huge worries of Lack of employment or income stability continues with signs of improvements though. It is estimated that around 541,000 jobs have been eliminated in Canada since 2002. These eliminated jobs account for in the manufacturing sector alone. A worrying trend that emerged out of these statistics was that of the 541,000 jobs lost 70% were from the state of Ontario alone. Canadas unemployment rate rose from 8.0% to 8.4% in April 2009. Overall around 1,584,500 citizens of Canada have been rendered unemployed since October 2008. The province wise unemployment rates as of June 2009 in Canada are given as follows.
1. Quebec 8.6% 2. Prince Edward Island 13.2% 3. British Columbia 7.7% 4. New Brunswick 8.9% 5. Ontario 9.6% 6. Saskatchewan 4.8% 7. Manitoba 4.6% 8. Alberta 6.8% 9. Newfoundland and Labrador 15% 10. Nova Scotia 9%
In the month of June roughly around 7500 jobs were lost which fortunately was much lesser than the estimated forecast of 30,000 by Canadian economists. The job cuts again were concentrated in the manufacturing sector. By the end of June job levels were steady in all provinces of Canada except for the province of Newfoundland and Labrador. Among the other significant increases are the state of Alberta whose unemployment rate rose by 0.25 to 6.8% and the state of Ontario whose unemployment rate rose to a 15 year high of 9.6%. British Columbia saw an increase by 0.4% to 7.7%.
Although the economy might seem to be contracting in the second quarter, the downward momentum that drives the recession forward has reduced. This can be inferred from the fact that the unemployment rate increased by 1.4% between each of the three months of the first quarter whereas at the beginning of the second quarter it stood at just 0.6%. With the slowing pace of the decline suggesting better conditions than before, Canadian economists suggest that the unemployment rate might rise by a meagre 0.1 0.2 % rather than the huge 0.7 - 0.9 % jumps in unemployment rate that were recorded earlier in 2009. Canada provides regular benefits to its citizens in the form of Employment Insurance who lose their jobs for no fault of theirs. What is Lack Of Employment Or Income Stability?
Unemployment rate = Unemployed Workers X 100/ Total Labour Force
Lack of employment or income stability can have a multitude of causes ranging from the general phenomenon causes like cyclic unemployment that results from decline in economic activity and production. They can be remedied by stimulating the economy. Another cause can be attributed to Frictional Unemployment. Frictional unemployment occurs due to continuous movement between various jobs. Remedies include provision of information related to job market, removing barriers to enter particular occupations etc
The post September 2008 financial crunch situation resulting in huge worries of Lack of employment or income stability continues with signs of improvements though. It is estimated that around 541,000 jobs have been eliminated in Canada since 2002. These eliminated jobs account for in the manufacturing sector alone. A worrying trend that emerged out of these statistics was that of the 541,000 jobs lost 70% were from the state of Ontario alone. Canadas unemployment rate rose from 8.0% to 8.4% in April 2009. Overall around 1,584,500 citizens of Canada have been rendered unemployed since October 2008. The province wise unemployment rates as of June 2009 in Canada are given as follows.
1. Quebec 8.6% 2. Prince Edward Island 13.2% 3. British Columbia 7.7% 4. New Brunswick 8.9% 5. Ontario 9.6% 6. Saskatchewan 4.8% 7. Manitoba 4.6% 8. Alberta 6.8% 9. Newfoundland and Labrador 15% 10. Nova Scotia 9%
In the month of June roughly around 7500 jobs were lost which fortunately was much lesser than the estimated forecast of 30,000 by Canadian economists. The job cuts again were concentrated in the manufacturing sector. By the end of June job levels were steady in all provinces of Canada except for the province of Newfoundland and Labrador. Among the other significant increases are the state of Alberta whose unemployment rate rose by 0.25 to 6.8% and the state of Ontario whose unemployment rate rose to a 15 year high of 9.6%. British Columbia saw an increase by 0.4% to 7.7%.
Although the economy might seem to be contracting in the second quarter, the downward momentum that drives the recession forward has reduced. This can be inferred from the fact that the unemployment rate increased by 1.4% between each of the three months of the first quarter whereas at the beginning of the second quarter it stood at just 0.6%. With the slowing pace of the decline suggesting better conditions than before, Canadian economists suggest that the unemployment rate might rise by a meagre 0.1 0.2 % rather than the huge 0.7 - 0.9 % jumps in unemployment rate that were recorded earlier in 2009. Canada provides regular benefits to its citizens in the form of Employment Insurance who lose their jobs for no fault of theirs. What is Lack Of Employment Or Income Stability?
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