Chicago is most notably known for its alluring attractions and perhaps having characteristics that resemble New York City. Chicago is surrounded by booming businesses where one might disregard the unemployment rate because of the prevalence of economic activity. However, unemployment is an issue that the city of Chicago has been grappling with for quite some time now. Currently Chicago’s unemployment is at 6.5%, which the national level of unemployment is at 5%. As stated in our previous paper, the primary purpose for this high level of unemployment lay within fact that the city has moved from being construction and manufactured based to business and finance based. The demand for construction and manufacturing has dropped by 50%, whereas, more than 11,000 jobs have opened within the business and financial sector. The issue that is …show more content…
Human capital referrers to the aggregate level of education and skill set of its residents. In the case of Chicago, one of the methods that we have decided to implement to improve the cities unemployment rate is to device training programs. These training programs would provide individuals with the education and skill set need to acquire open and higher level positions. Since we find that most of Chicago’s residents have skills that are more centered for low skilled positions, which trends indicate that it is in the decline, we need to devise programs to enhance ones employability. This is also a plan that is highly supported by politicians, such as President Barack Obama. We believe that the plan could work by acquiring money from the federal government and disseminating it to states to provide funding for the program of employee training. Since the data shows that there is a large educational gap, we assume that providing this program we will experience a visible turnaround in the unemployment