Authors: Murat Tasci and Saeed Zaman
THE FED REPORTS THE NATURAL RATE OF UNEMPLOYMENT IS ABOUT 5.5% WHY DOES THE MEDIA IGNORE THIS PERSPECTIVE?
Definition: "The natural rate of unemployment is the unemployment rate that occurs, even in a healthy economy. The only way an economy could have a zero percent unemployment rate is if it is severely overheated. Even then, wages would probably rise before there could actually be no unemployment." Source: http://useconomy.about.com/od/glossary/g/natural_unemplo.htm
November 2010 report by the Fed:
"We find that the natural rate of unemployment has indeed shifted higheróbut much less so than has been suggested. Surprising trends in both the job-finding and job-separation rates explain much about the current state of the unemployment rate."
For more insights, paste the following link into your browser to read the entire article. I pondered the question, "Why this does not get much press?" Perhaps the answer was in the question that was asked by a wise wit: "Can the press understand it?" Source: http://www.clevelandfed.org/research/commentary/2010/2010-11.cfm
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