Unemployment Rates Drop to the Lowest Rate in Half a Century


US Bureau of Statistics

Unemployment rates depicted as a percentage from 1970-2019

Carolina Cuomo, Contributor

News channels are constantly deluged with copious amounts of political turmoil and disheartening information. But, a piece of news that shines a light on the tempestuous state of the United States political climate is the prosperity of the economy. Over the course of the Trump administration, the economy has been booming and is in excellent shape. This past September, the unemployment in the United States dropped by .2, placing the unemployment at 3.5%, a level that hasn’t been seen since the Nixon Presidency in 1969. Since the Trump has come into office, over 6.4 million jobs have been created, augmenting the economy and the satisfaction of American citizens.

Throughout American history, unemployment rates have skyrocketed to their zeniths, and have also plummeted to record breaking low-points. Unemployment was at its highest, during the Great Depression. In 1933, at the crux of this dismal era, the unemployment rate was at a whopping 24.9%, leaving over fifteen million people without jobs to support their families. Less than a decade after the Great Depression, in 1944, unemployment sunk to an all-time low of 1.2%, due to the influx of labor demand due to the United States entering the Second World War. With the exception of the unemployment rate being 10.8 in 1982, the United States government has managed to keep the unemployment rate in the single digits for most of the remainder of its history.

The current unemployment drop is especially profound because unemployment has dropped for people of many racial backgrounds. The unemployment rate for Hispanics is beginning to hit a record low at 3.9%, the rate for Asian-Americans is 2.5%, and the unemployment rate for African Americans is the lowest in history. Over 39,000 healthcare and 34,000 business jobs have been distributed every month, leading to the full-time labor force increasing by 305,000 and the part-time labor force by 121,000.

Despite a tinge of wariness in economic affairs abroad, domestically speaking, the economy could not be in better condition. As more and more jobs are created and the unemployment rate diminishes, the United States of America will flourish and prosper into an efficient country with satisfied workers and government officials.