Tuesday, June 4, 2019
Part One Article On Unemployment Economics Essay
Part One Article On Un involution Economics Essaycapital of capital of capital of Singapore unemployment site declines as there argon fewer lay-offs registered between April and June as the number of new job pluss. The unemployment pose dipped over the quarter by 0.1% to 2% in June, while the rate for citizens decline by 0.2% to 2.8% and 3% respectively. The total number of jobs created in the second quarter of the year has risen to a total of 31,700 jobs, which is higher than the same decimal point last year.A total of 58,900 jobs were created in the first half of the year, compared with 53, atomic number 6 on the previous year which amplifications by 5,900 of jobs this year. Service sector has a higher employment rate compared to last year where there was a gain of 19,300 jobs, an increase of 2,000 more va abidecies in the service sector, which as well includes manufacturing sector where 4,700 jobs were created.Three in five residents laid off in the first quarter of the yea r found a job by June, shows an improvement of 50% by the previous age group in March. Labour productivity have drop 1.9% between April and June, the third consecutive quarter of decline.SOURCE TODAYonline Singapore Unemployment rate declines. 2012. TODAYonline Singapore Unemployment rate declines. ONLINE accessible at http//www.todayonline.com/Singapore/EDC120915-0000032/Unemployment-rate-declines.Accessed 18 November 2012. observe to appendage ADefinition of UnemploymentUnemployed defined as persons of working age who are without work, are open to start work within two weeks and either have actively looked for work in the last four weeks or are willing to fetch up an appointment.SOURCE Macroeconomics (19th edition). McGraw-Hill reference from Macroeconomic, Unemployment and pretension Chapter 5Economic AnalysisUnemployment rate is the percentage of the people in the labour force who are unemployed.Unemployment rate Number of people unemployed x 100%Labour tycoonBased on MOM statistics data as of June 2011Unemployment rate = 81.2 / 2,080.1 x 100%= 4.0%SOURCE ONLINE Available at http//www.singstat.gov.sg/pubn/reference/sif2012.pdf. Accessed 18 November 2012.Refer to auxiliary B3.01 Causes of unemploymentThe causes of unemployment can be caused by 3 types of unemployment which areFrictional unemployment geomorphological unemploymentCyclical unemploymentBe offset is my research to reflect the employment growth and unemployment growth.3.02 Frictional unemploymentWe always aim for a better(p) opportunity that is when we workers leave our jobs to find better ones, simply moving towards a better position. This occurs because workers need to find out about possible new job opportunities, go for interviews and possibly move in the lead starting their new jobs. Frictional unemployment allows companies to find qualified workers. Labour cost would rise when workers stay with their current jobs until they found one, it will be more cadence consuming and e xpensive for companies to bring on good workers, causing cost-push inflation.The table below shows the chart of the Rate of Re-entry into Employment of Residents made redundant. As we can depend in the table below, the total rate of re-entry from March to June increases by 10.4%. Clerical, sales and service workers has the highest re-entrants which is 21.9%.SOURCE Re-entry into Employment Ministry of Manpower . 2012. Re-entry into Employment Ministry of Manpower. ONLINE Available at http//www.mom.gov.sg/statistics-publications/national-labour-market-in mildewation/statistics/Pages/re-entry_into_employment.aspx.Accessed 18 November 2012.Refer to Appendix C.SOURCE ONLINE Available at http//www.mom.gov.sg/Publications/mrsd_qtlmr122.pdf. Accessed 18 November 2012.Refer to Appendix DOlder workers stepping into Labour Force and slowing scratch off the Local Labour Force GrowthThe proportion of workers ages 55 to 64 has an increase of 2.2% in the workforce, comparing from 2010 and 201 1. Some companies in Singapore is starting to take aim experienter workers, older workers need to stay longer in the labour force. The cost of productivity arises on the employers concerns.SOURCE ONLINE Available at http//www.mom.gov.sg/Documents/statistics-publications/Statistical-Charts/mrsd_ResEmpRatebyAge_Sex_Ct_310112.pdf. Accessed 18 November 2012.Refer to Appendix EAlternatively, there are more people leaving their jobs in the first and second quarter of 2011 and 2012. The recruitment rate increases by 10% compared to 2011.SOURCE Labour Turnover Ministry of Manpower . 2012. Labour Turnover Ministry of Manpower. ONLINE Available at http//www.mom.gov.sg/statistics-publications/national-labour-market-information/statistics/Pages/labour-turnover.aspx.Accessed 18 November 2012.Refer to Appendix F3.04 Structural unemploymentStructural unemployment comes from the match between the jobs available and the skills of the available workers in the market. These people usually do not have skills that are not needed nor have a change background which does not fit the market or cannot be used in the current market. It is difficult for workers to learn a new set of skills or to move on to an area whereby they need to start afresh. Policies should be put in place to prevent such unemployment. Structural unemployment is the most common form of unemployment in the market.Factors that result in structural unemploymentAgeEducational levelSome of the workers may be too young or too old for the job requirements. While some do not have a very high education level may have a divergent view from the employers. High educated workers may not be interested jobs that provide them with low wages and long working hours.The table below shows the increase of 32.8% in the employment rate between 2010 to 2011, and also the number of employed workers by age and educational level.SOURCE Report on Labour Force in Singapore 2011 Statistical Tables Ministry of Manpower . 2012. Report on Labour Force in Singapore 2011 Statistical Tables Ministry of Manpower. ONLINE Available at http//www.mom.gov.sg/statistics-publications/national-labour-market-information/publications/Pages/statistical-tables-2011.aspx. Accessed 18 November 2012.Refer to Appendix G3.05 Cyclical unemploymentThe number of retrenchment in the first three quarters of 2011 and 2012 increased to 15.3%. Below is the analysis that reflected the number of retrenchment in the first 3 quarters of 2011 and 2012.SOURCE ONLINE Available at http//www.mom.gov.sg/Documents/statistics-publications/Statistical-Charts/mrsd_Redundancy_ct_311012.pdf.Accessed 18 November 2012.Refer to Appendix H4.0 Conclusion of AnalysisAnalysing the report, it shows that our economy in Singapore is facing with low unemployment rate till date. Un little, there is a high pack from the employer to increase productivity then the empoyment rate will increase. As we can see that foreign wokers in some industry like construction, manufactur ing and engenieering sectors are increasing. We should be balancing the foregin and local workforce in order to ensurelow unemployment rate in Singapore. determine-LevelASP2AD2P1AD1RGDPQ1 Q2Increase in AD curve due to demand in suppliesIncrease in price levels due to demand in workforceIncrease in national output due to supplies producedFall in unemployment due to demand in labour5.0 ReferencingAppendix AOnline sourceAvailable at http//www.todayonline.com/Singapore/EDC120915-0000032/Unemployment-rate-declines.Definition of UnemploymentMacroeconomics (19th edition). McGraw-Hill Reference from Macroeconomic, Unemployment and Inflation Chapter 5Appendix BOnline sourceAvailable at http//www.singstat.gov.sg/pubn/reference/sif2012.pdf.Appendix COnline sourceAvailable at http//www.mom.gov.sg/statistics-publications/national-labour-market-information/statistics/Pages/re-entry_into_employment.aspx.Appendix DOnline sourceAvailable at http//www.mom.gov.sg/Publications/mrsd_qtlmr122.pdfAppendi x EOnline sourceAvailable at http//www.mom.gov.sg/Documents/statistics-publications/Statistical-Charts/mrsd_ResEmpRatebyAge_Sex_Ct_310112.pdf.Appendix FOnline sourceAvailable at http//www.mom.gov.sg/statistics-publications/national-labour-market-information/statistics/Pages/labour-turnover.aspx.Appendix GOnline sourcehttp//www.mom.gov.sg/statistics-publications/national-labour-market-information/publications/Pages/statistical-tables-2011.aspxAppendix HOnline sourceAvailable at http//www.mom.gov.sg/Documents/statistics-publications/Statistical-Charts/mrsd_Redundancy_ct_311012.pdf.6.0 AppendixAppendix AAppendix BMACROECONOMIC REPORT PART TWOARTICLE ON INFLATIONCOHORT DBA 5B/12DONE BY CHOO AI LYN, ESTH heart PAGETable of Content Page NoSummary of Article ..Page 20Definition of Inflation. ....Page 20Economic Analysis ......Page 21-22Inflation caused by Policy on Foreign Workers and Lower Local Workforce.Page 23Inflation caused by Cost of Private Transportation and Higher COE Premiums. Page 24Inflation caused by Increases in Oil Price..Page 24Conclusion of Analysis ...Page 25References. ......Page 26Appendix ...Page 27-32Summary of ArticleThe article indicated that core inflation soared up to 4.7% in September. Consumer price rose to 5.3% year-on-year in June. This jump in inflation was due to the high costs for both private road transport and also housing. Transportation costs rose up to 10.8% in September compared to the increase of 6.3% in August. The accommodation cost rises to a 7.7% in September from 7.4 in August, an increase of 0.3% within a month.SOURCESingapores consumer price index inflation rises to 4.7 pct in September Xinhua English.news.cn . 2012. Singapores CPI inflation rises to 4.7 pct in September Xinhua English.news.cn. ONLINE Available at http//news.xinhuanet.com/english/business/2012-10/23/c_131925252.htm. Accessed 11 November 2012.Refer to Appendix ADefinition of InflationThe rate at which the general level of prices for goods and servi ces is rising, and, subsequently, buy power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep the excessive growth of prices to a minimum.SOURCEInflation Definition Investopedia . 2012. Inflation Definition Investopedia. ONLINE Available at http//www.investopedia.com/terms/i/inflation.asp.Accessed 11 November 2012.Economic AnalysisCPI and Annual Inflation Rate course of studyConsumer Price IndexAnnual Inflation Rate2010102.82.8%2011108.25.2%Calculation of Annual Inflation RateAnnual Inflation Rate = CPI of year 2010 CPI of year 2011 x 100%CPI of year2010Annual Inflation Rate = 108.2 102.8 x 100%102.8= 5.2%CPI and Annual Inflation rate from 2000 to 2011SOURCE Statistics Singapore Time Series on Consumer Price Index and Inflation Rate. 2012. Statistics Singapore Time Series on Consumer Price Index and Inflation Rate. ONLINE Available at http//www.singstat.gov.sg/stats/themes/economy/hist/cpi.html. Accessed 19 November 2012.3.1 Inflation caused by Policy on Foreign Workers and Lower Local WorkforceSOURCE Composition of Singapores bring Workforce. 2012. Composition of Singapores Total Workforce. ONLINE Available at http//population.sg/resources/workforce-composition/.Accessed 19 November 2012.Refer to Appendix BIn a recent press release by MOM, it states that as of December 2011 our total workforce was 3.02 million, excluding foreign workers. Singapore residents forms a total of 67% while the foreign workers making up to the remaining 33%. As we can see in the chart below, the percentage of foreign workers have reduced. .3.2 Inflation caused by Cost of Private Transportation and Higher COE Premiums.SOURCE COE Prices in Singapore Oneshift.com. 2012. COE Prices in Singapore Oneshift.com. ONLINE Available at http//www.oneshift.com/new_cars/lcoe.php.Accessed 19 November 2012.Refer to Appendix C, D, EThe COE price have been increasing in recent months, it actually affect the price of new cars for a uthorization buyers. The buyers will now have to consider about the future costs of owning a vehicle, putting into considerations, the petrol price.3.3 Inflation caused by Increases in Oil PriceBase on the chart below, the oil prices have been decreasing from the 1st to the 3rd quarter of 2011 and 2012. Aggregate supply increases as production and manufacturing process less due to lower spending.SOURCE ONLINE Available at http//www.singstat.gov.sg/stats/themes/economy/ess/essa62.pdf. Accessed 19 November 2012.Refer to Appendix FConclusionWith my findings on the above data and statistics, I believe Singapore is categorized under cost-push inflation. Workers should improve their skills to increase the level of labour and productivity, recommended by the Government. No one has the way of controlling the oil prices whence the inflation will stay with the economic growth.5.0 ReferencingAppendix AOnline seeded playerAvailable at http//news.xinhuanet.com/english/business/2012-10/23/c_131 925252.htm.Appendix BOnline SourceAvailable at http//population.sg/resources/workforce-composition/.Appendix C, D, EOnline SourceAvailable at http//www.oneshift.com/new_cars/lcoe.php.Appendix FOnline SourceAvailable at http//www.singstat.gov.sg/stats/themes/economy/ess/essa62.pdf.