The Natural Rate of Unemployment is
The total unemployment rate is 68 which is higher than the national unemployment rate of 6. Ratio of the frictional unemployment rate to the cyclical unemployment rate. Good Education Better Jobs Levels Of Education Education High School The range of natural unemployment rates in recent decades seems to have fluctuated between 35 to 7. . The natural rate of unemployment is a concept that was developed by the economists Milton Friedman and Edmund Phelps in the late 1960s and it has been extremely influential in shaping the way that the economics profession views the economy. The natural rate of unemployment is a combination of frictional and structural unemployment that persists in an efficient expanding economy when labor and resource markets are in equilibrium. The coronavirus pandemic has hit the Massachusetts economy hard with the state losing an estimated 335400 jobs since December 2019. The July unemployment rate of 3...