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A person who is looking for work and is willing to work at the existing wage but is unable to find a job is said to be unemployed Unemployment refers to the state of being unemployed It also refers to the number or proportion of people in the working population who are employed In other words it is merely people who are out of work This is however a generalization statement as it is much more complicated than that There are many different types of unemployment which should be taken into account There are also many factors and issues that come into play When we speak of unemployment we are speaking of the population as having three components One is those who are unemployed second is those who are employed and then the rest who dont work and are not looking for a job Together they comprise the labor force which is used to determine the unemployment rate The unemployment rate is a ratio that is obtained by dividing the number of unemployed people by the number of people in the work force The rate of unemployment is a fraction that is less than one It is usually expressed as a percent For example the unemployment rate in the past year ranged from 5 percent to 7 percent which is much higher than the low percent of 39 percent in Oct 2000 Although our economy has grown since the year 2000 it hasnt been strong enough to create jobs and keep unemployment from rising The current slow growth will generate very few jobs and will lead to unemployment to rise even more There are many factors that contribute to the rise of the unemployment rate in this nation Some factors would include government regulations such as minimum wage laws ordinary turnover in the labor force and the effect of labor unions on the equilibrium wage The one factor that seems to make
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