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Just to reiterate: The Federal Reserve considers a base unemployment rate (the U-3 rate) of 5.0 to 5.2 percent as “full employment” in the economy, so most metros have achieved that threshold and those that have yet to get there are lowering their jobless rates at a very healthy pace.
Right now it's 61.6% which appears to be slightly below the 62.85% average for the last 73 years.
Quote:
Labor Force Participation Rate in the United States averaged 62.85 percent from 1948 until 2021, reaching an all time high of 67.30 percent in January of 2000 and a record low of 58.10 percent in December of 1954.
I’m not sure the economy of the 1950s has much to do with the economy now. The labor force participation rate was 63.2% in December 2019. It’s 61.6% for September 2021, so a contraction of nearly 3% (or almost 4 million workers).
I’m not sure the economy of the 1950s has much to do with the economy now. The labor force participation rate was 63.2% in December 2019. It’s 61.6% for September 2021, so a contraction of nearly 3% (or almost 4 million workers).
Right but we all know why the percentage is down and we also know that it's improved since the height of the pandemic.
Furthermore we're talking 160 million workers so 4 million is almost a margin of error.
4 million people are a huge slice of the puzzle. That isn’t really a margin of error. Unemployment is only a part of the picture. We are in weird times with the labor market until things either return to normal or we find a new normal.
Numberwise, yeah, to Detroit. This is lower than pre-pandemic for them. Birmingham not so much. It's back to around pre-pandemic numbers. After 2016, it notably dropped. Even then, Detroit's pre numbers are comparable to New York, LA or Philly. Birmingham's was similar to Nashville's and slightly lower than Atlanta's. There's a reason why you don't use just unemployment to measure economies. From what I can find, Alabama's workforce participation rate was about 1.3% lower than a similar time prior to the pandemic. (I'm not quickly finding a similar comparison for Michigan. There was shrinkage by 2.2% in August from June, but month to month isn't the best comparison for these kind of things compared to looking at the same month in different years)
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