Goal #2: Continue to encourage use of web-based services. Indiana's unemployment rate fell to 6.2 percent in September, down 0.2 percent from its August rate. In February, the unemployment rate was 4.1 percent for the fifth consecutive month, and the number of unemployed persons was essentially unchanged at 6.7 million. State unemployment rates for August 2020 will be released in September 18th. The unemployment rate is the unemployed percent of the civilian labor force [100 times (unemployed/civilian labor force)]. March 14, 2018. Great care is taken to make this survey representative of the country as a whole. Low unemployment is a primary macroeconomic goal because it maximizes economic production, well-being, and efficiency. The global unemployment rate stood at 5.7 per cent in 2016, with women more likely to be unemployed than men across all age groups. The jobless rate plummeted to a nine-year low of 4.6 percent. The Fallacy of Our Nation's Unemployment Rate The U.S. unemployment rate fell to 5.4% in April -- a seven-year low. The ideal real unemployment rate for the United States is 3.5% - 4.5%. Unemployment Rates for Illinois and the U.S. Illinois Monthly, Average Unemployment Statistics (Seasonally Adjusted) Monthly, Annual Data for Chicago … Three types of unemployment make up the general natural unemployment figures. In the race for Illinois House from District 47, Democrat Jennifer Zordani of Clarendon Hills is challenging incumbent Deanne Mazzochi, an Elmhurst Republican, in the Nov. 3 general election. The statistics sent people into a tizzy, ratcheting up expectations for a Fed rate hike as early as December. It does not include cyclical unemployment that results from a downturn in the business cycle . 2% of contributory employers are audited each year. The US average is 3.7%. Maywood’s current unemployment rate is 20 percent, more than triple the average unemployment for … The national unemployment rate fell by 0.5 percentage point over the month to 7.9 percent but was 4.4 points higher than in September 2019. The unemployment rate soared to 14.7% in April, its highest level since the BLS started recording the monthly rate in 1948. 11. The average unemployment rate for Illinois is 5.7 percent. U.S. Federal Reserve economists currently put this so-called natural rate of unemployment at between 4.1 … Accounts receivable, as a percent of total tax due, is less than 2%. In November 2020, the Monthly Unemployment Rate was 7.2% for males and 7.8% for females, see Table 1(a). Youth were almost three times as likely as adults to be unemployed, with unemployment rates of 12.8 per cent and 4.4 per cent, respectively, in 2016. “The May U.S. jobless rate fell to 13.3% and employers added 2.5 million jobs, blowing Wall Street expectations out of the water: Economists had forecast a loss of 8.3 million jobs and a 19.5% unemployment rate.” In addition, CNBC revealed: “The May gain was by far the biggest one-month jobs surge in U.S. history since at least 1939.” The Bottom Line. 12  Zero unemployment wouldn’t be ideal, also almost impossible, because it would indicate a severely overheating economy. In the 44-year time period evaluated, four states had unemployment rates below the national average every single year – Nebraska, Virginia and both Dakotas. That's Thailand's official unemployment rate as of the end of 2014. The unemployment rate is calculated as the ratio of those who are unemployed to those in the labor force. Future job growth over the next ten years is predicted to be 27.7%, which is lower than the US average of 33.5%. On the flip side, Mississippi is the state where unemployment rates were consistently higher than average, as they were above the rest of the country’s average 41 out of 44 years. 95% of employer Unemployment Insurance (UI) contributions are deposited within three days of receipt. Among the 284,000 unemployed veterans in 2019, 56 percent were ages 25 to 54, 39 percent were age 55 and over, and 5 were ages 18 to 24. The state Department of Labor & Industry reported Friday that Pennsylvania’s unemployment rate dropped to 8.1% in September, down 2.3 percentage points from August. China declares early victory in 2020 job creation goal, but questions linger over data China’s urban unemployment rate was 5.3 per cent in October, 0.1 … All contribution rates are assigned properly. The labor force participation rate increased 0.1 percentage points to 72.8 percent. (average) 12. But there's much more behind this number than meets the eye. The only decent goal for black unemployment to something like the national average. Arlington Heights has seen the job market decrease by -0.2% over the last year. However, five states with the highest levels of unemployment are well above the national average, per the BLS: Massachusetts (16.1%) New York (15.9%) Nevada (14.0%) New Jersey (13.8%) Pennsylvania (13.7%) The top five states are also majority Democrat-run: The average unemployment rate for Cook County is 4.4 percent, according to the Illinois Department of Employment Security. 10. The lowest level of unemployment that the economy can sustain changes over … It fell to 11.1% in June, down from 13.3% in May and 14.7% in April. Sweden's unemployment rate rose to 7.8 percent in October 2020, from 6.0 percent in the same period last year, as the coronavirus crisis hit the labor market. Breaking the results down by broad age group, the traditional Monthly Unemployment Rate for those aged 15 to 24 years was 20.2% in November 2020, while it was 5.7% for those aged 25 to 74 years, see Tables 1(b) and 1(c). Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is persons above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period.. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the … The natural rate of unemployment is the sum of the frictional and structural unemployment rates. Unemployment rate at 4.1 percent in February 2018. The metric indicates that about 1 in … The unemployment rate is improving. In the U.S., that was once thought to be a jobless rate of about 5 percent. Suggested Citation: Unemployment rate (Lower is better) Poverty rate (Lower is better) Things to do per capita (Higher is better) Basically, if you don’t waste time getting to and from work, work less, and have a family, you’re on the road to work-life balance. The unemployment rate announced by the U.S. Bureau of Labor Statistics each month is based on the Current Population Survey (CPS), which has been carried out every month since 1940 by the U.S. Bureau of the Census. Bureau of Labor Statistics News Release; State Rates 2009-2017 The country is first divided into 3,137 areas. Given the dynamic nature of the economy, it is not possible to know exactly how low the unemployment rate may be able to fall in a sustained way without causing excessive inflation. The unemployment rate for male veterans declined to 3.0 percent in 2019, and the rate for female veterans (3.7 percent) changed little over the year. The number of unemployed increased by 101 thousand from a year earlier to 430 thousand, while employment declined by 76 thousand to 5.06 million. For more details, see the release's frequently asked questions. Arlington Heights has an unemployment rate of 3.1%. The Asian-American unemployment rate is about 1 point less that the white unemployment rate, and the Hispanic unemployment rate is about 1 point more. Among its goals: holding the unemployment rate below 4.5% through fall and winter, along with maintaining an overall fatality rate from COVID-19 below 1%. When the unemployment rate falls below its natural rate, there is upward pressure on wages, and the economy runs the risk of inflation. When the unemployment rate got down to 4 per cent in early 2008, most economists would have regarded that as clearly below the NAIRU. It's among the lowest in the world, and compares regionally with 9.4% in India and 6% in the Philippines. 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