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I know the topic of the current state of the US economy can be controversial between those who think the economy is great while others still say we are in a depression however when I hear people saying such things like "..I can remember a time when everyone had jobs"..did such a time ever really existed ?? I can remember back in the 90s some metro areas would well brag about how that they had jobs for everyone ( Denver and Charlotte did this as I can remember those radio promos ) but even then I doubt those cities had a zero or even a 2% unemployment rate.
In 1953, unemployment rate was only 2.9%. At that time, almost all of the rest of the industrialized world was still recovering from being bombed out in WWII, so the US had very little economic competition:
In 1953, unemployment rate was only 2.9%. At that time, almost all of the rest of the industrialized world was still recovering from being bombed out in WWII, so the US had very little economic competition:
2.9% was the average. August of 1953 saw 2.4% UE Rate. However, that was short-lived as there were three recessions during the Eisenhower Administration.
The highest rate of employment was 1944 when the unemployment rate was 1.2% for the year but October of 1944 hit .91% and considering that 11,623,912 persons serving in the military were drawn out of the workforce that's a pretty stunning rate of unemployment.
But does near zero unemployment indicate a perfect economy?
I wonder if the unemployment rate in 1953 included women? I know tons of women from that era who never held a public job.
It did not include women. In those days, women were expected to be housewives. I have no idea what year this changed, but I presume at some point they changed the system of measurement to include women.
There has never been a "perfect" time economically, but the 1950's are the closest thing. The post WW2 period from 1946-1968 are generally seen as the most prosperous years in American history. Also, the 1920's and 1990's were very good decades economically, but for different reasons.
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