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Unemployment in Nevada

In: Business and Management

Submitted By brickbravado
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Unemployment in Nevada

Abstract
Unemployment, one of the two evils of macroeconomics, is defined as the number of people who are actively looking for work but are not currently employed. The rate of unemployment is quite often used as a measure of the health of our economy. To help calculate unemployment rates, data is collected by the U.S. Census Bureau in the form of a survey called the Current Population Survey. The Bureau of Labor Statistics is responsible for analyzing and publishing that data. In reviewing the data specific to the state of Nevada, we have found Nevada’s unemployment is being affected by both national and state government. Many factors including unskilled workers, a housing glut, and Nevada’s unique industries contributed to its record low state of unemployment. Nevada’s recovery will depend on the improvement on the overall economy in order for people to justify higher discretionary spending in a state that relies so heavily on tourism.

Unemployment Overview
The simple definition of unemployment is the number of people who are actively looking for work but are not currently employed. Unemployment is more complex than its definition reveals, however. Several factors are considered to determine whether one is counted as unemployed.
There are three types of unemployment:
• Structural — this type of unemployment occurs when there are more people looking for jobs than are available at the current wage rate. People may be unemployed because of a mismatch in what employers need and what employees have. For instance, unemployed workers may lack the skills needed for the available jobs, or they may not live in the part of the country where jobs that match their skills are available.
• Frictional — this type of unemployment is sometimes called “waiting unemployment” because it relates to the time workers spend in a job search. Most…...

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