Countries with the highest employment rates: The unemployment rate is a very important indicator of a country’s economic strength and growth where a low unemployment rate is usually associated with a fast growing economy with plenty of new jobs being created. However, there are some cases where a low unemployment rate is either misleading or incorrect.
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For instance, people who give up looking for work are no longer counted as unemployed because they are technically not a part of the labor market anymore. Also, some countries can create misleading statistics about unemployment that do not reflect actual unemployment or they may count part time workers as fully employed.
Independent professors in China have estimated that the actual unemployment rate is many times higher than what the government reports, and that the official figures are reported to strengthen people’s confidence in China’s economy.
Although the majority of these countries are located in Asia, there are several in both South America and Europe as well which demonstrates that having an abundance of jobs is not limited to any one region of the world. Some of these countries had even lower unemployment rates several years ago, and there has been an overall trend over time in some countries towards higher unemployment levels.
According to the Australian Bureau of Statistics, Australia’s unemployment rate has decreased to 5.8 percent due to the drop in the number of people seeking work. Only 9,000 jobs were created last September while participation of labor had plummeted. The economy is still lingering, jobs are at a low and discourage workers are at a high due to competition, lack of work experience and/or discrimination towards some people.
It is only after the baby boomers have retired that there will be an offset in the increased return of discouraged workers. Until then, countries like Australia need to make a better effort in creating more jobs for its people.