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In 2016, average market income was $15,600 for the lowest quintile and $280,300 for the highest quintile. The degree of inequality accelerated within the top quintile, with the top 1% at $1.8 million, approximately 30 times the $59,300 income of the middle quintile.
The natural rate of unemployment is a combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Occurrence of disturbances (e.g., cyclical shifts in investment sentiments) will cause actual unemployment to continuously deviate from the natural rate ...
In the first decade of the twenty-first century, the wage gap has fluctuated in terms of the ratio between black and white wages: 67.7 percent in 2000, 64.0 percent in 2005, 67.5 percent in 2008, and 64.5 percent in 2009. [16] The absolute difference in black and white wages, however, has decreased over this period.
Annualized change in unemployment rate over each presidency from Truman to Biden, ordered from best-performing to worst-performing economic performance. Democrats are in blue, Republicans are in red. Unemployment rate change for each U.S. presidential term from 1949 (data from the Bureau of Labor Statistics) [ 14 ] [ 8 ]
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).
The youth unemployment rate was 18.5% in July 2009, the highest rate in that month since 1948. [190] The unemployment rate of young African Americans was 28.2% in May 2013. [191] The unemployment rate reached an all-time high of 14.7% in April 2020 before falling back to 11.1% in June 2020.
The stock market climbed to all-time highs, with the S&P 500 setting a closing high of 5,762.48 on Monday. For the week, the S&P rose 0.2% to end at 5,751.07. The index is now up 20.6% year to ...
The Phillips curve is an economic model, named after Bill Phillips, that correlates reduced unemployment with increasing wages in an economy. [ 1 ] While Phillips did not directly link employment and inflation, this was a trivial deduction from his statistical findings. Paul Samuelson and Robert Solow made the connection explicit and ...