Question

Has the U.S. economy achieved full employment equilibrium yet (let's say within 0.1%)? Explain how we define 'full employment' and how you can tell whether or not that goal has been achieved. Use appropriate data to support your answer (see below). Be sure to cite the sources of your data in your essay. You will need to define full employment and relate it to the data. In addition to the graph, use the Bureau of Labor Statistics website (bls.gov) to find the most recent estimate of the actual unemployment rate.

Answer 1

Andwer. At the natural rate of oneriloyment the economy ES in long nou equilibrium Thus there is neathe recession nor toon in the economy, so there is no cyclical fluctuation au the economy, The output thad the econory produce at this rate a called the full eployment - the of onerployment is called or potential Gop. According to "FRED" economic data, the natural rate of onemployment is 4.8%. The current un exployment is 4.9% in the wth 9 of 2015. The current potential GDP in this period was $16.8095 Billion and the actual real aDP was $16ussile billion. Therefore the NS economy is near is Potential GOPI