Unemployment Rate Overview

Unemployment Rate b/g

The unemployment rate is, under the definition created by the United Nation agency the International Labour Organization, defined as those individuals who have sought employment in the previous four weeks. The unemployment rates only include individuals are in contact with an employer, going on job interviews, contacting job placement agencies, sending out resumes, completing applications, and respond to advertisements.

Natural Rate of Unemployment

The natural rate of unemployment is a theory developed by Milton Friedman and Edmund Phelps, each of whom received Nobel Prizes in Economics for their work to develop the theory which represents a hypothetical unemployment rate that is off set by the aggregate levels of production in the economy.

Great Depression Unemployment Rate

The Great Depression unemployment rate was the highest unemployment rate in the history of the United States. Until the collapse of the housing market in the first decade of the 21 century, the United States of America had not approached the Great Depression unemployment rate in several decades.

Current Unemployment Rate

The current unemployment rate appears to have plateaued around 9.6 percent. However, the current unemployment rate is one of the highest levels of a prolonged unemployment rate in the history of the United States of America. However, as is often the case, the current unemployment rate varies greatly across demographics, though the current unemployment rate follows traditional trends in demographic unemployment.

NEXT: Quick Overview of the Unemployment Office