According to the United States Department of Labor, the unemployment rate is at a record low in recent years. Since 1969, the rates have steadily increased with it sustaining around six percent during the 1970s and 1980s. In 2018, we saw the number fall to 3.7 percent, the lowest it has been in 48 years. As of January 2019, the unemployment rate was steadily four percent.
Minority groups are also witnessing unemployment rates at record lows with the rate for Hispanics at 4.5 percent in as of July 2018. This is the lowest ever recorded unemployment rate for a minority group. The rate for women also dropped last year to 3.6 percent as of May 2018. There are less than one million people unemployed in America currently which is a huge improvement from the 14.5 million unemployed in 2010.
This comes as a surprise as the Bureau of Labor added only 134,000 jobs last year which is below the amount that was originally projected for 2018. The White House commented on this, “We know this decrease in the unemployment rate is due to more people finding jobs, as the labor force participation rate remained unchanged in September.”
The labor force participation rate is the number of working-age adults who either have a job or are actively seeking one. This rate is increased when there are many jobs available, employment is considered readily accessible and pay rates are high.
If this improvement continues, the jobs will grossly outnumber the number of eligible workers. Currently, it is seven million jobs for six and a half million Americans. The increase in this number could actually negatively impact the American economy if there are not enough Americans to fill the job slots.
The American economy is constantly moving and the population is moving alongside it. For now, the employment is at the best rate Americans have seen in 48 years and a recent study done by The Conference Board shows that 51 percent of employees are happy at their job. Hopefully, this equilibrium will follow the economy into 2020 and 2021 and we will see the next generation healing the monetary value of the American dollar.