Explain what the implications of moving towards a ‘gig economy’, where fewer people work full-time jobs, will have on the unemployment rate and on the output of the economy. Key statisticsSeasonally adjusted estimates for September 2020:Unemployment rate increased to 6.9%.Participation rate decreased to 64.8%.Employment decreased to 12,571,900.Employment to population ratio decreased to 60.3%.Underemployment rate increased to 11.4%.Monthly hours worked increased by 9 million hours.YearlyMonthlyMonthlyYearlyAug-20Sep-20changechangechange (%)change(%)Seasonally adjustedEmployed people12,601,50012,571,900-29,500-0.2%-358,400-2.8%Unemployed people926,200937,40011,3001.2%228,10032.2%Unemployment rate6.8%6.9%0.1 pts1.7 ptsnanaUnderemployment11.3%11.4%0.1 pts3.0 ptsnanarateParticipation rate64.9%64.8%-0.1 pts-1.3 ptsnanaMonthly hours workedin all jobs1,6801,688-899 million0.5%-5.0%millionmillionmillionEstimates of changes throughout this release are calculated using un-rounded level estimates and may be differentfrom, but are more accurate than, movements obtained from the rounded level estimates.

The expression "gig economy" alludes to an overall labour force climate in which term commitment and…

Answered: Explain what the implications of moving…

Explain what the implications of moving towards a ‘gig economy’, where fewer people work full-time jobs, will have on the unemployment rate and on the output of the economy.

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Question

Explain what the implications of moving towards a ‘gig economy’, where fewer people work full-time jobs, will have on the unemployment rate and on the output of the economy.

Key statistics
Seasonally adjusted estimates for September 2020:
Unemployment rate increased to 6.9%.
Participation rate decreased to 64.8%.
Employment decreased to 12,571,900.
Employment to population ratio decreased to 60.3%.
Underemployment rate increased to 11.4%.
Monthly hours worked increased by 9 million hours.
Yearly
Monthly
Monthly
Yearly
Aug-20
Sep-20
change
change
change (%)
change
(%)
Seasonally adjusted
Employed people
12,601,500
12,571,900
-29,500
-0.2%
-358,400
-2.8%
Unemployed people
926,200
937,400
11,300
1.2%
228,100
32.2%
Unemployment rate
6.8%
6.9%
0.1 pts
1.7 pts
na
na
Underemployment
11.3%
11.4%
0.1 pts
3.0 pts
na
na
rate
Participation rate
64.9%
64.8%
-0.1 pts
-1.3 pts
na
na
Monthly hours worked
in all jobs
1,680
1,688
-89
9 million
0.5%
-5.0%
million
million
million
Estimates of changes throughout this release are calculated using un-rounded level estimates and may be different
from, but are more accurate than, movements obtained from the rounded level estimates.

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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