3.4% One of the Lowest Unemployment Rates seen in the Recent Past.

3.4% One of the lowest unemployment rate

According to the article published by TradingEconomics, it was seen that the unemployment rate seems to have dropped 0.1 unit down and is at 3.4%. This is one of the lowest average unemployment seen in the recent past. While the forecasted numbers show that it might reach to 3.7% by the end of 2023. 

62.4% Labor Participation rate in the US 

Published by the same news outlet, it showed that in the US, the labor participation rate has increased to 62.4 while it has average between 62.2% to 64.4%. What this means or represents is the number of people who are a part of a work force or a looking for employment.   

60.2% Employment Rate 

According to TradingEconomics, it was stated that in 2023, the employment rate is at 60.2%, which can be considered as a decent employment rate. In the past, economy has seen the highest of 64.7% employment rate while the lowest recorded employment rate was at 51.3% in the US 

25% Youth unemployment  

Youth unemployment rate has been at its average rate of 8% since the start of 2023. Fortunately, it has been on average at 8% since the second quarter of the last year. While there could be ways to decrease this percentage as well, it is still a good figure when compared to other companies.  

3.2% Absenteeism Rate 

According to US Bureau of Labor Statistics, it was shown that 3.5% of the payroll labor are absent from their jobs during the start of 2023. The thing to note for this information is that these are full-time employees working at their companies. Although there are many reasons for employees to be absent from work, The absent workforces signify the significant amount of work missed just due to absenteeism that in turn affects the company output.