It is therefore advisable to look beyond the headline U-3 unemployment number, as it may not convey the whole story.
In both countries, youth unemployment rates are roughly double the headline rate, and have been on the rise in the United States in recent months. Apart from the social unrest and disgruntlement that unemployment can produce in the electorate, high unemployment can have a self-perpetuating negative impact on businesses and the economic health of the country.
Promoting youth capacity building and labour force participation with decent jobs, as well as swift school-to-work transitions remain crucial, especially in ageing societies.
The Bottom Line While the alternative measures show very similar movements over the course of the business cyclethey differ significantly in magnitude from the official unemployment rate. The Government has designated 14 sectors, including agriculture, nursing care, construction, manufacturing and hospitality, for a new visa category and expects to hostsemi-skilled foreign workers in five years.
Unemployment benefits are financed largely by taxes assessed on businesses. Measures of Unemployment The official unemployment rate has often been cited as being too restrictive and not representative of the true breadth of labor market problems.