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Macroeconomic Issues: Labor and Inflation

This document discusses several macroeconomic issues including unemployment, inflation, employment, wages, and poverty. It notes that while some parts of the economy may be growing, overall growth can be weakening. It also discusses different types of unemployment including frictional unemployment, which refers to those between jobs, and seasonal unemployment, which is related to changing seasons. The document presents data on employment levels in the Philippines from 2008-2015 across different industries such as agriculture, industry, services, and others. It highlights that unemployment and underemployment weigh on the Philippine economy.

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Ebel Rogado
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62 views3 pages

Macroeconomic Issues: Labor and Inflation

This document discusses several macroeconomic issues including unemployment, inflation, employment, wages, and poverty. It notes that while some parts of the economy may be growing, overall growth can be weakening. It also discusses different types of unemployment including frictional unemployment, which refers to those between jobs, and seasonal unemployment, which is related to changing seasons. The document presents data on employment levels in the Philippines from 2008-2015 across different industries such as agriculture, industry, services, and others. It highlights that unemployment and underemployment weigh on the Philippine economy.

Uploaded by

Ebel Rogado
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

EMPLOYMENT , LABOR , INFLATION , AND POVERTY

Economics need to look at the bigger scope of things because microeconomics misses
some principles relevant to the whole economy. The entire economy is overlooked such as
individual entries may be experiencing tremendous growth but the whole economy is weakening.
But the big question is “How Come?”
In this chapter , we will deal with the major concern of macroeconomics. These aggregate
problems – inflation and unemployment are what governments basically need to address.
Through the analysis of these problems, a society can meet its economics goals of stability, full
employment, and economic growth.

LAND AND LABOR PROBLEMS


Unemployment and underemployment weigh down the Philippine economy. We see lockouts
and strikes whenever there are issues on salary increases, unjust termination of employees, union
members claiming benefits, and many orders.

We need to know the labor situation in the country because labor is one of the economic
resources that we have been discussing. Its concern not only the term ‘ fully employment” but
also factors like
- Income
- Wage
- Productivity
Labor forces refers to the available human resources, whether employed or unemployed,
including those who are at least 15 years old. When apart of this labor force is unemployed, it
means there are persons who are willing to engage in productive activities yet currently fail to
do.

FRICTIONAL UNEMPLOYMENT
- Refers to situation in which a person who is in between jobs or who is currently applying
for a job is waiting for ‘ would-be “ employers to hire him/her.

SEASIONAL UNEMPLOYMENT
- Is characterized by being out of work because of the changing seasons.
Average
2008 2009 2010 2011 2012 2013 2014 2015

ALL INDUSTRIES 34,O89 35,061 36,035 37,191 37,607 38,118 38,651 38,751
AGRICULTURAL 12,030 12,043 11,956 12,266 12,086 11,835 11,801 11,294
AGRICULTURAL, 10,604 10,582 10,488 10,802 10,429 10,405 9,973
HUNTING AND
FORESTRY
Fishing 1.426 1,461 1,468 1,464 1.407 1,396 1,321
INDUSTRY 5,048 5,093 5,399 5,530 5,772 5,937 6,167 6.275
Mining and 158 166 199 211 252 250 239 235
quarrying
Manufacturing 2,926 2,894 3,033 3.082 3,132 3,159 3,212 3,209
Electricity , gas and 130 142 150 148 94 94 86 83
water supply
Construction 1,834 1,891 2,017 2,091 2,227 2,373 2,578 2,269
SERVICES 17,011 17,925 18,682 19,395 19,749 20,345 20,683 21,172
Wholesales and 6,446 6,736 7,034 7,401
retail trade
Hotels and 953 1,010 1,063 1,118
restaurants
Transport , storage 2,590 2,679 2,723 2,775
and communication
Financial 368 369 400 434
intermidation
Real estate, renting 953 1.010 1,063 1,118
and business
Transport , storage 2,590 2,679 2,723 2.755
and communication
Financial 368 369 400 434
intermidation
Real estate renting 953 1,040 1,146 1,257
and bussines
Public 1,676 1,749 1,847 1,874
administration and
defense ,
compulsory social
security
Education 1,071 1,138 1,176 1,199
Health and social 392 421 451 452
work
Other community 833 877 914 933
social and personal
services activities
Private households 1,729 1,180 1,926 1951
with employed
persons
Extra territorial 1 2 2 2
organizational
bodies

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