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Unemployment Rates in the United States and Japan from 2010 to 2014

In America, the U.S Bureau of Labor Statistics defines an unemployed person as someone who does not have a job and has actively searched for work in the recent times, as well as currently being available for work. Proceeding further, Remer (22) asserts that people who are not in the labor force are not considered as employed or unemployed. In this regard, the labor force comprises of both the employed along with the unemployed. Anderton (11) affirms that people who are not in the labor force are either in school or retired.In the U.S, Walton, and Hugh notes that the rate of unemployment rates rose through the years to peak in 2010 at 10.9 percent before commencing to fall to 5.8 percent as of November 2014. Between 2010 and 2014, the rate of unemployment has been on a downward trend.As of November 2014, the unemployment rate was 5.8 percent and the number of the unemployed people was 9.1 million. Amongst the major workgroups, the rate of unemployment for the adult men increased to 5.4 percent, adult women 5.3 percent, teenagers 17.7 percent, blacks 11 percent, whites 4.9 percent, and the Hispanics 6.5 percent, as well as 4.8 percent among the Asians. Following this further, the number of the long-term unemployed was 28 million. These people accounted for 30.7 percent of the unemployed population. However, from 2010 to 2014, the number of the unemployed has reduced by 1.2 million. The number of individuals employed part-time for economic reasons was 6.9 million and these people would have preferred full-time employment.

Unemployment Rates in the United States and Japan from 2010 to 2014