Unit 2 Individual Project 2: Expected U.S. Unemployment Rate: A look into the future January 18, 2011
Professor Lynn Moore
The economy is in a real crisis regarding the rapid decline of employment across the nation. The United States unemployment rate at the end of 2010 was reported at 9.4 percent, however, despite the high percentage of unemployment nationwide there may be a light at the end of this very dark tunnel. The national unemployment rate between November of 2010 and December of 2010 dropped by 0.4 percent, in November the percentage of unemployed Americans was at a staggering high of 9.8 percent. Some might say that a drop of 0.4 percent seems hopeless, but according to past trends and statistics there is a great deal of hope in lowering the unemployment rate back to record lows. Trends and Statistics
“The unemployment rate is defined as the level of unemployment divided by the labor force. The labor force is defined as the number of people employed plus the number unemployed but seeking work.” (Trading Economics, 2010)
According to statistics, from 1980 to present day the United States unemployment rate has always fluctuated. In 1983 the United States unemployment rate saw a high of 9.7 percent, then in 1985 it dropped down to 5.3 percent; the lowest rates are seen between the years of 1996 (5.4 percent) and 2000 (4.0 percent). From 2001 to 2009 the numbers continue to fluctuate, in 2001 we see a .7 percent increase (4.7 percent) when compared to 2000 records; 2003 another increase of 1.3 percent (6.0 percent); 2005 there was a drop of 0.9 percent (5.1 percent); 2007 another drop of 0.5 percent (4.6 percent); and finally in 2009 a major increase of 4.7 percent (9.3 percent). From 2009 to the present they are record high unemployment rates since the early 1980’s, 2010 year to date average was recorded at 9.7 percent. That is a 3.8 percent increase from 2008 when rates were recorded at 5.8 percent compared to...