What brought an end to the high unemployment rate?
Decline in Unemployment Rate
Generally, the unemployment rate in the United States has significantly declined over the recent years. Research shows that a decline in the unemployment rate is not attributed to an increased rate at which people get employed (Matandare, 2018). The decline in the unemployment rate specifically in the United States of America was brought about low entry rates into the unemployment status due to several reasons. First, the declined unemployment rate trend recorded in recent years was brought about by the aging population (Matandare, 2018). When a country is dominated by the aging population, there will be an increased replacement for those who retire by productive young population hence reducing the rate at which people become unemployed. Secondly, increased matches between people or workers and the job description and requirements also resulted in a decline in the unemployment rate in the United States (Jaeger & Kaestner, 2020). Due to advanced educational experience in the states, there is a sense in which youth come out of the school system, well equipped with knowledge, skills, and experience that match the requirements of jobs in the market hence reducing the unemployment rate among people.
Jaeger, D. A., Joyce, T. J., & Kaestner, R. (2020). A cautionary tale of evaluating identifying assumptions: did reality TV really cause a decline in teenage childbearing? Journal of Business & Economic Statistics, 38(2), 317-326.
Matandare, M. A. (2018). Botswana Unemployment Rate Trends by Gender: Relative Analysis with Upper Middle Income Southern African Countries (2000-2016). Dutch Journal of Finance and Management, 2(2), 04.