Employment and Its Effect on Economics :: Economy United States Essays Business

How has the level of employment/unemployment and national minimum wage legislation impacted on the economy as a whole and how will this effect the economy in the years to come? What is the current state of our economy? Well many economists think that this year the economy will slowdown. In the last ten years or so our ecomony has been driven by factors such as high consumer spending and the soaring property market, our economy has have already witnessed the housing market slowing down this in turn will have an effect on household spending. As for our manufacturing industry this has reported its worst fall in output in more than 10 years, increasing fears over the health of the UK economy. Also Factory production it is reported fell by 4% in the year 2002, This is the largest annual slump since 1991, this is according to figures from the Office for National Statistics. Britain's manufacturing industry is going through its worst recession since the early 1990s, however high consumer spending has so far protected the wider economy. 2004 has seen a rise in economic growth both in the UK and worldwide. Britain has had what economists call full employment for quite some time the problem for the future is that this could soon change and we could end up like germany with 10.5 % of the population out of work. The reason that this could happen is that many jobs that exist today were created by the boom in the housing market in the 90?s however in the last four years or so house prices have doubled which has resulted in lower consumer spending growth this in turn has an knock on effect on the on the level of employment required in the retail industry and this is a problem. How can employment be classified? There are four types of job. These are primary, secondary, tertiary and quaternary jobs. Primary jobs involve getting raw materials from the natural environment e.g. Mining, farming and fishing. Secondary jobs involve making things (manufacturing) e.g. making cars and steel. Tertiary jobs involve providing a service e.g. teaching and nursing. Quaternary jobs involve research and development e.g. IT. Employment Structures Employment structure means how the workforce is divided up between the three main employment sectors - primary, secondary and tertiary. Employment structures change over time. Developing Countries usually have a high percentage of the population in primary employment.