Economic data A 7.2% unemployment rate in Bell-Land is not a good rate. This rate surpasses the normal rate of 5%, and thehigh rate of unemployment indicates that the economy is underperforming, or it has a failing gross domestic product. Before giving an answer to the Bell-land leader, I need to think about the chnages in labour force participation that may have taken place in the country as it may be the cause of high unemployment rate. A decline in labour participation would result in an increase in the unemployment rate, which would indicate serious trouble within the economy.
Labour force participation in the US has fallen over the past decade and more in the recent years, and this is because fewer Americans have been searching for work. Labour force participation in the US has been falling since the beginning of the recession in December 2007. It is important to study the change in labour force participation as any decline in labour force participation should be a concern for the economy as whenever few people are willing work, then it means that production will be less.
It is also important to understand the change in labour force participation as it helps to understand the reasons behind it and devise ways of dealing with it. Of the three estimates for quarterly GDP growth rates, the most accurate one is the advance estimate where the estimate of the first quarter consisting of Jan, Feb and March would be released in April. This would allow DGP estimates for the next quarter to begin. The U3, U6 nd labour force particpation rate for December 2014 was 5.8%, 11% and 62.8% respectivley. Works CitedInternational Labour Office.
Key Indicators of the Labour Market. International Labour Organization, 2003