A Problem Based Report on Unemployment Trends in the United Kingdom

This report provides a comprehensive analysis of unemployment trends in the United Kingdom over the last 10 years, utilizing data from the Office of National Statistics (ONS). It begins by defining unemployment and highlighting its potential consequences, such as homelessness and mental health issues. A literature review summarizes different perspectives on unemployment, emphasizing the mismatch between graduate qualifications and available job opportunities, as well as the socio-economic impacts and mental health challenges associated with unemployment. The report then presents a quantitative analysis of the ONS data, including mean, median, and mode values, to demonstrate the average unemployment rate. Data visualization, in the form of a chart, illustrates the declining unemployment rate over the past decade. The findings underscore that while the unemployment rate has decreased, it remains a significant challenge, impacting economic growth, GDP, and the standard of living. The report concludes by noting the government's efforts to address unemployment through skill development programs and the rise of entrepreneurial ventures.

PROBLEM BASED
REPORT
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Clearly discuss the business problem..........................................................................................3
Literature review..........................................................................................................................4
Identification of data set...............................................................................................................5
Quantification and analysis of data..............................................................................................5
Visualization of data....................................................................................................................6
Findings........................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
Unemployment is a term defined as eligible candidate not getting the deserving jobs due to lack
of availability of the respective positions in country. This report will discuss the unemployment
scale in United Kingdom in the last 10 years. The trend of unemployment will measure in this
project. Henceforth, report will clearly define the business research problem. Relevant literature
review will also project to provide more clinical viewpoint over the topic area. Identification will
be done of the data set provided. Quantitative analysis will also complete of the data set used.
Furthermore, visualization of the data will also take place. Proper findings will be drawn in the
project from the entire analysis.
MAIN BODY
Clearly discuss the business problem
Unemployment is a situation where the eligible people do not get the required job. Even after
having the sufficient eligibility criteria in the form of education, experience and knowledge
eligibility do not match in this which make the whole situation more challenging. This issue
could further result into many issues like homeliness, illness and different kind of mental stress
level that completely harm to the person. Unemployment is one of the most effective issue which
society is facing in the current time. Millions of graduates pass every year and look forward to
jobbing in the respective field (Di Nallo and et.al., 2022). Unemployment directly damage to the
career path of the individual in which they do not get the sufficient employment opportunity
even if they hold the sufficient qualification and degree which make them find eligible to
approach the respective job option. This problem is increasing every year not only in United
Kingdom but across the globe as millions of people grade every year and look forward for the
further growth opportunity in professional career. The job creation is not as effective as the
graduates pass every year. This entire situation is creating an imbalance in the society as a whole.
The effect of the unemployment is such that people do not feel motivated while approaching the
further studies.
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Literature review.
As per the views provided by the Burdett and et.al. (2019), unemployment is a terminology
defined the fact that eligible people and graduates do not feel empowered according to the
qualification they hold and the eligibility criteria they carry. It is not necessary that unemployed
people do not earn but the eligibility they carry do not match up with the job they either doing or
looking for. Unemployment causes to many social economic damage to the society along with
the people suffer from unemployment. People who are not employed do not get proper
development and growth opportunities in order to thrive the career growth and development
opportunities.
The opinions illustrated by the Bathia and et.al. (2021), on the ground that unemployment is a
terminology which defined the fact that eligible people and graduates do not get the appropriate
employment opportunity. This is a situation arise when total number of job creation is less than
the graduates pass every year. This situation is very dangerous as the people who graduated with
enough grades and eligibility criteria do not get the employment opportunities. IN the situation
of unemployment people tend to ready to work at a lesser salary expectations and also many
times people get to sacrifice on their career ambitions. The whole situation is highly challenging
as the employee do not feel empowered even after having a sufficient qualification and eligibility
which make them feel depressed and many such mental issues. Over the period due to the
technological advancement and envelopment and the changing nature of the business
environment entire culture has changed. Today the amount of jobs created are not able to match
up with the requited number of jobs in the market. This is a serious issue society is facing where
the total number of employment creation is less than the required amount of employment
opportunity grades and professionals seek.
The opinions put by the Backus and Driffill (2021), over the fact that unemployment lead to
many mental and social issue and problems grades face. Due to the unemployment issue many
graduates feel depressed and also lack in confidence as they do not hold the proper confidence
level towards the career ambitions. Professional and doctors do feel that unemployment
completely challenge the emotional and mental space of the individual. People feel depressed
due to the problem of unemployment and many of them feel less confident by getting rejected
due to lack of available employment opportunity. Especially for the fresh graduates this situation
is very challenging as employers do not prefer to provide any of the employment opportunity to
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the fresher. Experienced people can easily provide productivity but the fresher graduate need to
l;earn the whole work and then to deliver the productive operations. Fresher will take extra time
in comparison to the experienced staff in order to deliver the same amount of productivity. The
consequences of the unemployment is very poor as people invest huge amount of financial
resources in order to pursue the qualification and graduate degree. Not getting the proper
employment opportunity make it more challenging for the stakeholders and the professional.
Financial burden is added pressure to the graduates. Unemployment completely damage to the
standard of living of the people due to the lack of available resources with the people of country.
Income of the people completely damaged of the unemployed person that could not motivate to
the individual to meet up the individual need and requirements of the individual.
Identification of data set.
The data set is taken from the ONS website. All the data is taken from the official website of
Office of National Statistics (ONS). The data available is authentic and convince using by the
stakeholders and officials. The data is verified and tested which make it relevant and authentic to
use by the professional (Jara Tamayo and Tumino, 2021). All information is used that is
available on the official website of the ONS which make it more relevant for the stakeholders.
The data is totally verified and authentic which could allow to draw the best suitable judgement
and results of the available data set. The data could also support in creating a suitable finding of
the data and research topic or study.
Quantification and analysis of data.
Column1
Mean 5.4454545455
Standard Error 0.2377763118
Median 4.85
Mode 7.6
Standard Deviation 1.5772296209
Sample Variance 2.487653277
Kurtosis -1.2092513178
Skewness 0.6110253963
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Range 4.8
Minimum 3.6
Maximum 8.4
Sum 239.6
Count 44
The mean value determined as 5.45, median is identified as 4.85 and mode value is 7.6. Mean
value demonstrate that the average unemployment rate in the past 10 years is approximately 5.5.
This is a very high rate which clearly indicate the fact that unemployment do exist in the
economy. The rate of unemployment could decrease in the recent time but still the rate is high.
IN the last quarter of 2021 the rate was lowest in many quarters which is 3.9 that clearly
demonstrate the fact that more number of people started getting joss. Still, the issue of
unemployment remain at the similar position as the rate is approximately 5.5 on an average term
which is not a very positive sign or indicator for the government. The average rate indicate on an
average basis the situation of unemployment in country (Langella and Manning, 2022). Last 10
years has been very fluctuation as the technical changes are massive across the globe. Due to the
rising need and demand of technological upliftment at some level employment creation got
affected which cold also influence to the unemployment rate in country. In the year 2011 the
unemployment rate was very high in United Kingdom that was approximately 7.6 in the first
quarter of the year. The current rate of unemployment is 3.9 which is very low in comparison to
the 10 years before.
Visualization of data
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The above mentioned chart clearly reflect the fact that the rate of unemployment is keep on
declining every quarter. This is a strong indicator of the situation that due to the constant efforts
put by the government this rate is reducing every year. Unemployment put a direct impact over
the economic development and GDP growth of the country (Victor and et.al., 2021). This whole
issue is influence to the overall economic advancement and GDP development situation of
country which could further influence to the overall development and advance of the whole
country. The controlled unemployment rate could further boost to thee overall economic growth
of the country. In recent time the GDP growth rate of the United Kingdom ha improved
significant in comparison to the previous situation of the nation. Controlled unemployment rate
further improve the per capita income of the country (Lenoël and Young, 2021). Per capita
income edenote the average amount of income a resident earn in the country. Controlled
unemployment rate could allow more number of people to grab the employment opportunity that
directly boost o the income statistics of the people in country.
This is also specified that reduced unemployment also create an impact over the happy index of
the people of country. The more number of people employed in the country could lead to the
rising happiness trend in the society. This is noted that due to the unemployment rate in the
country many people get to suffer to meet the need and requires. The decreased unemployment
rate clearly indicate the fact that more number of people are in a position to feed themselves well
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2011 Q1
2011 Q3
2012 Q1
2012 Q3
2013 Q1
2013 Q3
2014 Q1
2014 Q3
2015 Q1
2015 Q3
2016 Q1
2016 Q3
2017 Q1
2017 Q3
2018 Q1
2018 Q3
2019 Q1
2019 Q3
2020 Q1
2020 Q3
2021 Q1
2021 Q3
0
1
2
3
4
5
6
7
8
9
Column B

and meet up all their respective needs and requirements (Li and Heath, 2020). Government in
United Kingdom has framed various strategies such as skill development campaigns and such
other that could result into the fact that more number of jobs are created which could also allow
the people to remain in the competitive position to grab such opportunities in the market.
Further, in the previous 10 years people have been declined towards the start up culture. More
number of people are interested in doing business or start something on their own to support the
overall economic growth and development of the counrty (Runge, 2021). The reduced
unemployment rate could allow the people to initiate the own business house or the start up. This
could further result into the employment generation ideology of the government as well.
Findings
In the United Kingdom unemployment has always been one of the major challenge which
government require dealing. Unemployment completely damage to the economic growth and
development opportunities of the people across the nation. Due to the rising rend of
unemployment people are lacking in cope up with the basic necessity that could further damage
to the lifestyle and standard of living of the people in country. In the last 10 years the
unemployment rate in the country could decline which is a positive sign. Still, many people in
the country are unemployed and looking for the employment opportunity (Oreffice and
Quintana-Domeque, 2021). Due to the unemployment many people face the mental and
emotional challenges that could further cause to serious damage on the mindset of the people.
The mean value of the last 10 years in term of unemployment are is still very high which is not a
very good indicator,. Even if the recent unemployment statistics are very low but the mean value
clearly indicate that average number of people remain unemployed in the last 10 years are very
high in numbers. Medical issues are major for the people suffer from the unemployment.
CONCLUSION
Unemployment is a situation when the eligible perosn even after having the sufficient
qualification and education not being able to grab the respective employment opportunity.
Unemployment creates both economic and mental damage for the people. In the last 10 years
government is focus towards the skill development of its people which could result into the
decline in the total unemployment rate of the country. Many new start up also initiated in the
United Kingdom in the last 10 years that could also contribute in eliminating the unemployment
rate at some level.
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REFERENCES
Books and Journal
Backus, D. and Driffill, J., 2021. Policy Credibility and Unemployment in the UK. In Advances
in Monetary Economics (pp. 3-16). Routledge.
Bathia, D. and et.al., 2021. Unemployment fluctuations and currency returns in the United
Kingdom: Evidence from over one and a half century of data. Journal of Multinational
Financial Management. 61. p.100679.
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Burdett, H. and et.al., 2019. Unemployment and benefit claims by UK veterans in the new
millennium: results from a record linkage study. Occupational and Environmental
Medicine. 76(10). pp.726-732.
Di Nallo, A. and et.al., 2022. The effect of unemployment on couples separating in Germany and
the UK. Journal of Marriage and Family. 84(1). pp.310-329.
Jara Tamayo, H. X. and Tumino, A., 2021. Atypical work and unemployment protection in
Europe. JCMS: Journal of Common Market Studies. 59(3). pp.535-555.
Langella, M. and Manning, A., 2022. Residential Mobility and Unemployment in the
UK. Labour Economics, p.102104.
Lenoël, C. and Young, G., 2021. Modelling the impact of Covid-19 on the UK economy: an
application of a disaggregated New-Keynesian model (No. 531). National Institute of
Economic and Social Research.
Li, Y. and Heath, A., 2020. Persisting disadvantages: a study of labour market dynamics of
ethnic unemployment and earnings in the UK (2009–2015). Journal of Ethnic and
Migration Studies. 46(5). pp.857-878.
Oreffice, S. and Quintana-Domeque, C., 2021. Gender inequality in COVID-19 times: Evidence
from UK prolific participants. Journal of Demographic Economics. 87(2). pp.261-287.
Runge, J., 2021. Communicating Data Uncertainty on GDP and Unemployment: Interviews with
the UK Public.
Victor, V. and et.al., 2021. From a Recession to the COVID-19 Pandemic: Inflation–
Unemployment Comparison between the UK and India. Economies. 9(2). p.73.
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