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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Over the long term, has the U.S. unemployment rate generally trended up, trended down, or remained at basically the same level?

To determine

The long-term trend of US unemployment rate.

Explanation

Unemployment rate is the percentage of unemployed people in the economy. If we consider the period 1955-2015, we see that unemployment rate is not steadily increasing or decreasing. Unemployment rate follows a random pattern where it is increasing, decreasing or being constant. However, the overall trend is upward since if we draw the trend line it is upward sloping (though, the rate of increase is slow).

The trend line is shown in the following figure depicting the rate of unemployment for US over 1955-2015:

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