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Okun's law is an empirical relationship. In Okun's original statement of his law, a 2% increase in output corresponds to a 1% decline in the rate of cyclical unemployment; a 0.5% increase in labor force participation; a 0.5% increase in hours worked per employee; and a 1% increase in output per hours worked (labor productivity).
This is a list of countries by unemployment rate.Methods of calculation and presentation of unemployment rate vary from country to country. Some countries count insured unemployed only, some count those in receipt of welfare benefit only, some count the disabled and other permanently unemployable people, some countries count those who choose (and are financially able) not to work, supported by ...
Women have been a major labor presence in China since the People's Republic was established. Some 40–45 percent of all women over age 15 are employed. China's estimated employed labor force in 2005 totaled 791.4 million persons, about 60% of the total population. During 2003, 49% of the labor force worked in agriculture, forestry, and fishing ...
A traditional form of defined benefit plan is the final salary plan, under which the pension paid is equal to the number of years worked, multiplied by the member's salary at retirement, multiplied by a factor known as the accrual rate. The final accrued amount is available as a monthly pension or a lump sum, but usually monthly.
The EU seasonally adjusted unemployment rate was 6.7 per cent in September 2018. The euro area unemployment rate was 8.1 per cent. [214] Among the member states, the lowest unemployment rates were recorded in the Czech Republic (2.3 per cent), Germany and Poland (both 3.4 per cent), and the highest in Spain (14.9 per cent) and Greece (19.0 in ...
The World Bank expected Australia's GDP growth rate to be 3.2% in 2011 and 3.8% in 2012. The economy expanded by 0.4% in the fourth quarter of 2011, and expanded by 1.3% in the first quarter of 2012. The growth rate was reported to be 4.3% year-on-year.
The population of the United Kingdom was estimated at almost 67.6 million people in 2022. It is the 21st most populated country in the world and has a population density of 279 people per square kilometre (720 people/sq mi), with England having significantly greater density than Wales, Scotland, and Northern Ireland.
Since the start of the recession, 8.8 million jobs have been lost, according to the Bureau of Labor Statistics. [10] In the U.S., jobs paying between $14 and $21 per hour made up about 60% those lost during the recession, but such mid-wage jobs have comprised only about 27% of jobs gained during the recovery through mid-2012.