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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.
By decade's end, unemployment rates hit 15 percent. The economic downturn was particularly hard on Duluth's West Side, where ethnic Eastern and Southern European workers had lived for decades. During the 1980s, plans were underway to extend Interstate 35 through Duluth and up the North Shore, bringing new access to the city. The original plan ...
Cyclical factors, such as government stimulus or austerity policies, cause the actual unemployment rate to vary around the natural rate. Economists debate the natural rate of unemployment. During February 2011, Federal Reserve economists estimated it may have increased from the historical rate of around 5% to as high as 6.7%.
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 ...
Powell declined to answer, noting the Fed could afford to be patient given how the strong job market is slowing down only gradually. But on Friday — only a few days after that event — the ...
The mid-Atlantic state registered a record unemployment rate of 1.6% in September — less than half the national unemployment rate of 3.8% that month — Labor Department data shows.
Unemployment rate in January 2017: 5.2%. Unemployment rate in January 2021: 6.4%. Average weekly earnings in January 2017: $1,113. Average weekly earnings in January 2021: $1,178. YoY home value ...
Although the old unemployment rate series', which include part-time workers looking for full-time work and unemployed who stopped looking over a year ago, is still published monthly by BLS, the U-3 series is generally considered more meaningful and is the headline rate picked up by most media outlets. [5]