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There are many domestic factors affecting the U.S. labor force and employment levels. These include: economic growth; cyclical and structural factors; demographics; education and training; innovation; labor unions; and industry consolidation [2] In addition to macroeconomic and individual firm-related factors, there are individual-related factors that influence the risk of unemployment.
The unemployment rate (U-3), measured as the number of persons unemployed divided by the civilian labor force, rose from 5.0% in December 2007 to peak at 10.0% in October 2009, before steadily falling to 4.7% by December 2016 and then to 3.5% by December 2019. [ 40] By August 2023, it reached 3.8 percent.
A related concept is graduate unemployment which is the level of unemployment among university graduates. Statistics for June 2010 show that there are 926,000 young people under the age of 25 who are unemployed which equates to an unemployment rate of 19.6% among young people. [84] This is the highest youth unemployment rate in 17 years. [85]
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).
A surprising rise in the U.S. unemployment rate last month has rattled financial markets and set off new worries about the threat of a recession — but it could also prove to be a false alarm.
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 ...
U.S. unemployment rose again in July, to 4.3%. (Associated Press) U.S. job growth slowed sharply last month and the unemployment rate rose to a nearly three-year high of 4.3%, the latest sign of a ...
With 66 consecutive months of growth, the U.S. is in the midst of one of its longest-lasting periods of economic expansion since 1850. In 2014, unemployment dropped to 5.6 percent—making it ...