Comparing Labor Markets: Employment, Unemployment And Participation In UK Assignment Sample

Introduction Of Comparing Labor Markets: Employment, Unemployment And Participation In Uk Assignment

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In this report, it has been discussed about current employment and unemployment situation of two most economically powerful countries, and that are first united state of America and second one is United Kingdom. In this current era, most of the countries are facing some problems economically and unemployment. As stated by the author Bell and Blanch flower (2020) in order to study it has been done to compare the labour market of the USA and UK. It has been followed by the statistical method like average, mean, median, mode average employment. Also in this method it has been discussed the result, quantitative result, qualitative result, analysis and conclusion. 

Methodology

In this report of methodology, it has been calculated through Average employment, unemployment and statistical charge such as mean median mode of two economics to compare employment and unemployment percentage of the most recent 10 years period.

As expressed by the Felbo-Kolding et al (2019) Mean is a mathematical and statistical essential concept. In other terms, mean is a most common value and average of two or more numbers of collection. In statistics, it helps to measure the central tendency along with median and mode. As opined by the author López-Andreu and Rubery (2021) It helps to analyze the complicated arithmetic's, in the making of mean, the data are not required to be set in a higher to lower order or lower to higher order. Median is also a statistical method to find the middle value of a given data listed in ascending order. It helps to compute and compare the two given data. Mode is most effective in calculating the extremely large and lower value. Mode is very useful for analyzing qualitative data. In this method, the calculation has been done by the use of employment, labor force (annual) unemployment, and working age population variables.

Result

.1 Quantitative result

1. a) Result from primary sources

Comparison in basis of unemployment

Unemployment of UK
Mean	1794.742857
Median	1643.945

Table 1: Statistical calculation of UK unemployment 

Unemployment of US
Mean	9061.693
Median	8291.82

Table 2: Statistical calculation of US unemployment 

The table has analyzed the unemployment position of both the UK and US. In order to report it has been calculated that the unemployment rate in the US is higher than in the UK. The mean of unemployment for the US was 9061.693 and the mean of the UK was 1794.7428578 and. On the other hand, the median of the US is even higher than the UK where the median of the US is 8291.82 and the median of the UK is 1643.945. In order to the report, it can easily understandable that the unemployment rate in US higher than UK that is quite bad sign for US.

 

Comparison based on Employment.

Employment of UK
Mean	30440.16
Median	29996.15

Table 3: Statistical calculation of UK employment

Employment of US
Mean	147743.8
Median	146509.7

Table 4: Statistical calculation of US employment

In order to report employment, the employment rate in the UK is much better than in the US. The mean of the UK of employment is 30440.16 and the mean of US is 147743.8. The median of the US is much higher than the UK, where the median of the US is 146509.7 and on the other side the median of the UK is 29996.15. After analyzing the report, it has been analyzed that the position in employment in the US is much better than in the UK

 

Comparison in basis of labour force

Labour force of UK
Mean	33054.23
Median	33172.11

Table 5: Labour force of the UK

Labour force of US
Mean	159474.5
Median	158852.4

Table 6: Labour force of the US

In order to analyzing the report of Labour force of UK and US both, the mean of UK of labour force is higher than US, where the mean of UK is 33054.23 and on the other mean of US of labour force is 159474.5. Even the median of the labour force is higher than the US Labour force. Where the US median of labour force is 1158552.4 and on the other side the value of median of UK are 33172.11

 

Comparison in basis of working age population

Working age population of UK
Mean	50111.91
Median	50173.03

Table 7: Working population of the UK

Working age population of US
Mean	236842.8
Median	236842.8

Table 7: Working population of the US

In the report, it has been evaluated that the working age population performance of the UK is much better than the US, where the value of mean and median of US is the same for the period. On the other hand, the mean and median of the UK is higher than 50000. 

 

1. b) Result from secondary sources

The working age population in the UK and US are continuously increasing at a tremendous rate due to working full time by the people and are related to paid work. As per the 2019 American community, it has been readily analyzed that 113.9 million people are working at a full time basis with a median earnings of $49898.

.2 Qualitative result

It has been analyzed from the theoretical data of the UK that the rate of employment has been tremendously increasing at a high rate. The activity within the rate of economy is in the proportion within the age of people 16 and 64 years who are excluded from the labour force. Due to the pandemic situation of the covid 19, it has been readily analyzed that the professional sectors are performing a lower growth, which is affecting the employment areas of the US peoples in a large way. Hence, the unemployment scenario of the UK is currently decreasing with increasing in the improvement areas of the financial sectors and in-line market expectations. (Purifier, 2018) the unemployment scenario of the US is currently improving with changes in the financial aspects such as wage level and labour force in a huge manner.

Analysis

In order to report the statistics comparison of both the UK and US the analysis of the economies has been presented. The comparison of Unemployment of both countries, the data of US is quite high that shows the unemployment rate in US has quite high than UK. On the other hand, the employment rate in UK is quite higher than in the US. That mean UK has more economic stability than the US. According to the study, the performance of UK in Employment, unemployment, the working age population and labour force is quite better than the US, it can provide stability to the UK (Van den Berg and Arts, 2019). 

Conclusion 

Based on the analysis, it has been concluded that the employment rates are increasing for the UK and US, which is a good sign for the economy. The unemployment rates are decreasing due to improvement in the wage level and labour forces of the country. Hence, the working age population of the country is also improving. Rather, the US needs to make more improvement for the future to make a successful economy in a huge basis. 

Reference

Bell, D.N. and Blanch flower, D.G., 2020. US and UK labour markets before and during the Covid-19 crash. National Institute Economic Review, 252, pp.R52-R69.

López-Andreu, M. and Rubery, J., 2021. Austerity and women’s employment trajectories in Spain and the UK: A comparison of two flexible labour markets. Economic and Industrial Democracy, 42(2), pp.289-313.

Felbo-Kolding, J., Leschke, J. and F. Spreckelsen, T., 2019. A division of labour? Labour market segmentation by region of origin: the case of intra-EU migrants in the UK, Germany and Denmark. Journal of ethnic and migration studies, 45(15), pp.2820-2843.

Van den Berg, M. and Arts, J., 2019. The aesthetics of work-readiness: Aesthetic judgements and pedagogies for conditional welfare and post-Fordist labour markets. Work, Employment and Society, 33(2), pp.298-313.

Desiere, S., Langenbucher, K. and Struyven, L., 2019. Statistical profiling in public employment services: An international comparison.

Périvier, H., 2018. Recession, austerity and gender: A comparison of eight European labour markets. International Labour Review, 157(1), pp.1-37.