22.2 Labor Market Trends and Fluctuations
MyEconLab Concept Video
What do we learn about the U.S. labor market from changes in the unemployment rate, the labor force participation rate, and the alternative measures of unemployment? Let’s explore the trends and fluctuations in these indicators.
Unemployment Rate
Figure 22.2 shows the U.S. unemployment rate over the 88 years from 1929 to 2016. The most striking event visible in this figure is the Great Depression, a period of high unemployment, low incomes, and extreme economic hardship that lasted from 1929 to 1939. By 1933, the worst of the Great Depression years, real GDP had fallen by a huge 30 percent and as the figure shows, one in four of the people who wanted jobs couldn’t find them. ...
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