Agriculture forestry, fishing, and hunting industry
The sector primarily comprises of crop growing, rearing livestock, harvesting animals from farms or natural habitats, and timber harvesting. This industry is founded in two activities, which are agricultural production and support services. The industry is also divided into farms, dairies, orchards, greenhouse, and ranches. A farm may also be one piece of land or several tracts of land held under separate tenures. The farms may also be run by the owner and hired workers or on a partnership basis.
Currently, there are more than 531, 731 type businesses categorized under the agriculture, forestry, fishing, and hunting sector in the United States. This businesses makes the industry one of the largest with a total revenue of $527 billion as of 2018. This amount is a significant contribution compared to the overall GDP 18,638.2 billion of the United States in2018. However, this sector is the oldest; the input is not satisfactory as it indicated a drop in growth from the previous year. The industry is also not doing very well compared to other sectors like private industries. The private sector contributed 30258.9 billion, manufacturing 6218.7, constructions 1351.9, among other areas, which did remarkably well. Don't use plagiarised sources.Get your custom essay just from $11/page
Based on the percentage change in the past years, the best improvement was noted in 2013 with a growth rate of 5.8% and then in 2016 with a growth rate of 4.0%. Since 2016, the growth has improved with 1.9% in 2017 and -0.5% in 2018. These deviations show that the industry is highly volatile and unstable, and thus it is easily influenced by other internal and external factors. With this analysis, it is therefore clear that this industry is currently in number 43 out of 102 in the growth rate position. Although this is an average position, the sector can do better if well managed and more research done to improve production and technology integration.
The unemployment rates have been a roaring problem in many countries, especially in developing countries. The unemployment rate in the United States has declined remarkably, perhaps due to the expansion and growth of many sectors in the country and also increased discoveries in these industries. The industry needs to monitor the rates of unemployment because this will determine the purchasing power of the people to the goods and services produced in this industry. This macro-economic indicator is also crucial in Agriculture forestry, fishing, and hunting sector because it provides jobs for a substantial number of us citizens who work directly in the farms or those working indirectly in the processing and manufacturing industries. The agriculture, forestry, fishery, and hunting sector have employed a total of about 2 million workers in addition to the more than 1million self- employed and family workers.
The rate of unemployment for October increased with 0.1% as compared to September, which marked an unemployment rate of 3.5%. This analysis means that in one month, the number of unemployed persons increased by 86 000. Among the 3.6% of the unemployed, teenagers are the most affected, followed by black people in the United States. The number of persons working part-time stands at 4.4milolion, and the report also indicates that 341 000 people are unhappy with their current job, which is a decrease from 556, 000 in September 2019.
| United states labour | Current | Previous | Highest | Lowest |
| U S population | 327,120,000 | 325,150,000 | 327,120,000 | 76,090,000 |
| Unemployment rate | 3.6% | 3.5% | 10.8% | 2.5% |
| Initial jobless claims | 213,000 | 228,000 | 695, 000 | 1612,000 |
| Continuing claims | 1,640,000 | 1,697,000 | 6,635,,000 | 988,000 |
| Employed persons | 158,510,000 | 158,268,000 | 158,510,000 | 57,635,000 |
| Unemployed persons | 5,855,000 | 5,769,000 | 15,352,000 | 15,96,000 |
| Employment rate | 61.0% | 61.0% | 64.7% | 55.0% |
According to the trend seen, the projection is that the sector will create up to 10million jobs by 2028. The output growth rate will be about 1.4% and above in projection by 2028. This analysis is obtained from the data provided by the Bureau of labor statistics.
References
Masterson, E. A., Deddens, J. A., Themann, C. L., Bertke, S., & Calvert, G. M. (2015). Trends in worker hearing loss by industry sector, 1981–2010. American journal of industrial medicine, 58(4), 392-401.
Lea, N. M. (2017). egional Economic Accounts.
Federal Register (U.S.) (2019) ISSN: 0097-6326 Online ISSN: 2167-2520