Introductory Scenario
There are a number of concepts that specifically stride under the economical management that have been categorized under two different aspects that are microeconomics and macroeconomics. Microeconomics is that branch of economics that associated with the economics of the individual, while economics related to the entire country would be referred as macroeconomics. There are certain concepts that found in the field of the macroeconomics, and among them unemployment rate is one of them. Employment, unemployment and labor force participation have been termed as some of the major elements of economics. In this analysis, it is required to write a report that describes the labor force and its related trends in the Canadian region.
Main Body
Canada is a country found in the North American region consisting of ten provinces distributed among three different territories. It is located in the northern part of the continent. Canada is known as a federal parliamentary democracy, and it is a member of the Commonwealth of Nations in terms of economic consequences. It is known as an advanced economy that has a high amount of natural resources and a significant amount of culture. It is one the wealthiest countries o f the world with a high rank in the Human Development Index (HDI). The country reported a net Gross Domestic Product (GDP) of 1.585 trillion in the year 2013 with per capita income in the region in the same year was $ 44,656. The country has the effectiveness to grow positively in the market accordingly and effectively. The report is required to pin point three different sections that are unemployment, employment and workforce participation rate.
Unemployment rate is one of the most important indicators of macroeconomics that analyzes the amount of people who are unemployed in the country. There are different kinds of unemployment like cyclic unemployment and intentional unemployment. Intentional employment is the type of unemployment in that the employee would leave their jobs voluntarily, while cyclic unemployment rises at the time of economic crisis in that the situation would not be in the favor of the country. Canada is one of those countries of the world wherein the effects of the current global financial crisis (GFC) had increased heavily. The unemployment rate of Canada that is found from the BC website was nearly 7.3% and then decreased heavily by the end of the financial year 2007 and 2008. It was the lowest at the start of the fiscal year 2008 represents the proportion of below 6%. The graph of the same is mentioned below
The year 2008 was the year from that the rate of unemployment had started to jump over the steps of unemployment. It was on the highest level during the year 2010, and then decreased considerably; that is an effective sign for them. The unemployment rate that was 8.7% in the year 2010 decreased and then stayed on the level of 7 to 7.5% till in the year 2013. This particular shows the good financial governance of the country, wherein the government of the country played their part to manage the level of unemployment of the country accordingly. This particular positive sign not only enhances the economic power of the country, but also made them able to increase their economic belongings further well.
The second category of the analysis is on the employed persons. On the contrary to the unemployment, there is a rate that analyzes the total amount of employed individuals that will be effective for the entire region of the country. If a country has high employment rate, then it would be termed as an economically sound and effective country of the world. Canada that affects a lot during the current economic crisis in terms of generating revenues, and managing employment rate performed satisfactory in terms of enhancing the level of employed persons. Mentioned below diagram is mentioning the same
Apart from employment and unemployment rate, there is an important type of rate known as labor force participation rate. According to this particular indicator, it would analyze that how much of the workforce or total population are employed, and participated in the employment. It analyzes and describes the ability of work of the region. A country with high participation rate is a guarantee that the people of the country would like to work hard for the economy. Canadian region is one of those regions of the world in that the labor force are very active, and effective, and they always get ready for their participation in the sake of the economy. Mentioned below diagram is showing the same
The participation of the labor force in the employment is high for the country, as it represent that almost 68 people participated in the employment from every 100 people. The labor participation rate of the country was nearly 70% in the year 1008, and then decreased gradually. Currently, the participation rate is 66%, showing that 66 out of 100 people are participated for the employment purpose, and it would be effective for their future as far as sustaining in the country for a certain time period.
According to the R code selected, salary, age, seniority and education are elements that have the similar positive node and relationship with each other, and they will be essential for them. According to the descriptive statistics defined in table 1 and 2, salary has a positive relationship with seniority and experience, showing when experience is high; the salary would also be high while height and weight has nothing to deal with this particular stance.
Age also doesn’t have any relationship with the salary of the labors. However education is important. Most of the respondents were having Dogwood certificate during 15 out of 64 having a two years diploma.
The salaries of women are more fluctuating as compared to the salary of a man as described in the 6th table, however the amount of man is higher than that of the women.
The relationship among women and job satisfaction is higher than man as described in the 10th table in R2.
Conclusion
The economic power of the country would be analyzed through the amount of GDP, and with the help of its unemployment rate. Low unemployment rate and high GDP is a guarantee of an effective economy that is found in the Canadian region as well. From the analysis, it is found that the essence of employment faced a real tough during the current economic crisis, but the country stand again on their feet because of its high resiliency power.
