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

How has the level of employment/unemployment and national minimum wage edict impacted on the delivery as a whole and how leave alone 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 mart, 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 patience this has reported its worst fall in output in more than 10 years, interpolate magnitude 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 military post for National Statistics.Britains manufacturing industry is going through its worst recession since the early 1990s, h owever high consumer spending has so far protected the wider economy.2004 has seen a raise 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 pitch 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 dishonor 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 fond materials from the natural environment e.g. Mining, farming and fishing. Secondary jobs involve making things (manufact uring) e.g. making cars and steel. Tertiary jobs involve providing a service e.g. teaching and nursing. Quaternary jobs involve search 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.