Question

Explain how unemployment is measured. In late 2010 economists were debating wether the U.S. economy was...

Explain how unemployment is measured.

In late 2010 economists were debating wether the U.S. economy was in a recession. GDP seemed to be rising, yet the unemployment rate was stuck at close to percent. In thinking about the economic distress experienced during a recession, which is the most important: high unemployment or falling GDP? Defend your answer

Homework Answers

Answer #1

Recession is defined as an economic situation when the economic indicators like real GDP, Income & employment & manufacturing , retail sales, fall significantly in last 1-2 years .

Unemployment leads to reduction in consumer demand. That further lead to downfall in production & thus increasing layoffs.

Thus unemployment is a result of recession or the negative GDP growth, & there could be other possible reasons too.

But at the core of the economic distress during recession is the concern for falling GDP & falling consumer demand & collapsing of business investment environment. So falling GDP is more important concern than rising unemployment

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