Unemployment Rates In Australia

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Unemployment rates are an important indicator to the economy. The United States Bureau of Labor Statistics suggest it is important because, ‘when workers are unemployed, their families lose wages, while the nation as a whole loses its contribution to the economy in terms of the goods and services that could have been produced.’ (Picardo, 2009) The United States explanation of unemployment rates can be applied to all economies in general for explaining the purpose of unemployment rates. The definition of unemployment is classified to a person when a person is actively searching for an occupation but is unable to obtain an occupation. Australia’s unemployment rates are stable and low. This is a good outcome as unemployment rates impacts the economy