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Unemployment is calculated by adding those who are unemployed with those who are employed. That percentage is calculated based off surveys that an agency conducts like the Bureau of Labor Statistics (BLS). These agencies conduct their surveys on an annual basis to get the most accurate data from the populace. The country, or region I chose to look at for the unemployment rate is the United Kingdom which encompasses England, Norther Ireland, Scotland, and Wales. The type of unemployment that has been effecting this region is called cyclical unemployment. This has been effecting many countries and regions of the world because this is the type that explains the mass climb in unemployment due to COVID-19. The four phases of the business cycle are expansion, peak, contraction, and trough. With my country region, like many other nations, it is in the third cycle which is the contraction cycle. At this point in the cycle, this is when a correction of the recent change tends to begin stabilizing. This is when unemployment begins to fall in percentage and growth slowly starts to make a turn for the better.

In recent news, the UK unemployment rate is finally starting to fall within acceptable limits ever since COVID-19 started. This seems like one of those topics that won't go away for a while but it is the most recent thing in economic history that has impacted heavily on a global scale. Either way, this is great news for the UK and many other countries that are slowly becoming normalized again.