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Us Economy Essay

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The U.S. economy has proven to be a power force among competing nations, as it is the largest and most important economy in the world. The domestic challenges in addition to the rapidly transforming global landscape have not withered the strength of the United States, as it represents approximately 20% of total global output. The U.S. economy maintains its powerhouse status through a plethora of characteristics, which includes access to abundant natural resources and a sophisticated physical infrastructure. These elements, along with the strong and well educated workforce, benefit the economic status of the nation and contribute to the economic stability of the environment. The United States, with the world’s largest and most diversified…show more content…
economy and debate different policy options. The goals of this committee include the promotion of maximum employment and price stability (Focus Economics).
The unemployment rate is projected to lower in 2017 and the years following it. The 4.5 percentage is at a low compared to the 4.7 unemployment rate from 2016 and the 6.7 unemployment rate from the Fed’s. Although this drop means that the creation and attaining of jobs for citizens has increased, there is still an issue. The specific unemployment known as structural unemployment has increased, meaning that many workers are only working part-time or have been subjected to lower paying jobs.
Janet Yellen, Federal Reserve Chair, explains that most job growth has come from food service industries and low-paying retail such as being an associate at Target or Sears. These increased job fillings make it seem that unemployment rate is low when the high paying job positions are not increasing. Yellen considers the real unemployment rate to be a more accurate representation of the current state of unemployment in the nation. As opposed to the official unemployment rate (U-3), the real unemployment rate (U-6) considers those who are marginally attached and discouraged rather than just those who have looked for a job in the past four weeks and are unemployed. In addition, the real unemployment rate looks at the part-time workers who are not satisfied with their current placement and would
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