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Unemployment rate is the percentage of persons in the labor force who are seeking employment. The labor force is defined as those employed plus those who are actively looking for employment. The unemployment rate is a major indicator of the degree to which the economy provides jobs for those seeking work.
Since 1970, the average annual rate of unemployment has fluctuated from a high of 9.7% in 1982 to 5.6% in 1994. In recent years, it has fallen below 5%, reaching a low of 4.5% in 1998.
In the context of sustainable development, the particular unemployment rate in any given year--which depends largely on the business cycle and other short-term economic variables--is not as important as the impacts of unemployment on individuals, families, and society as a whole. Those who are chronically or repeatedly unemployed or who become unemployed during recessionary periods may be unable to meet their basic needs (e.g., for food, clothing, and shelter). In addition, when unemployment rates are high, it puts additional strain on the Nation’s social service programs and diverts resources from other pressing needs.
Link(s) to be added, when feasible, to data at level of detail suitable
for use at the community level.
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http://www.sdi.gov/indicators/lc_unemp.htm Last Modified: May 14, 2002 |