Measuring Macro Outcomes, Unemployment, Inflation, Cyclical Instability, or Aggregate Demand

Measuring Macro Outcomes, Unemployment, Inflation, Cyclical Instability, or Aggregate Demand
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The 2008-2009 great recession and its effects was evident in the economy. It had a lot of negative effects, but one positive aspect is that it created interest in the economy. It also brought a new outlook to the unemployment problem (Schiller, Hill, & Wall, 2013). This meant new ways of teaching economics and interpreting economic information. The new approaches are used in interpretation of the effects of the great recession and this provides a guide to the summary of the International Labour Organization report (Schiller, Hill, & Wall, 2013).
Summary of International Labour Report
Following the economic recession, there was an uneven economic recovery process and, therefore, projections of economic growth had to be revised downwards, and this impacted negatively on the global employment situation in 2013 (International Labour Organization, 2014). This essentially means that employment is not sufficiently expanding with a huge number of unemployed being in East and South Asia. Generally, the unemployment gap occasioned by the recession is continuously widening, and it reached 62 million and out of this, 23 million becoming discouraged to look for jobs and 7 million preferring not to involve themselves in the labour market (International Labour Organization, 2014).
The continuation of such unemployment trends is expected with the number of unemployed reaching 215 million by 2018. Approximately 40 million jobs will be annually created that is below the 42.6 million new entrants in the labour market (International Labour Organization, 2014). Therefore, the unemployment rate I, is expected to be constant in at least the next 5 years, and it is at 0.5% higher than before the recession. The youth continue suffering too with approximately 74.5 million youth (15-24 years) being unemployed in 2013, 1 million more than in 2014. The unemployment rate has reached 13.1% with the youth-to-adult ratio reaching an all time high with young people neither employed, nor in education or training (NEET) steeping upward (International Labour Organization, 2014).
The weak recovery process is ongoing, and this has increased the rate of unemployment spells indicating the weak attempts of job creation which has doubled compared to the pre-crisis period (International Labour Organization, 2014). This cr...