Question

The unemployment rate is a key indicator of the health of labor markets and the overall economy. Go to the Bureau of Labor Statistics website and compare the national unemployment rate trends over the last ten years at https://data.bls.gov/timeseries/LNS14000000. How do those trends compare to the State of Georgia’s labor market conditions and specifically the unemployment rate at https://data.bls.gov/timeseries/LASST130000000000003 and also information from the Georgia Department of Labor at https://dol.georgia.gov/documents/unemployment-rate-statewide-seasonally-adjusted and over the last year or so at https://dol.georgia.gov/sites/dol.georgia.gov/files/related_files/document/lf_georgia.pdf Are there any unique characteristics of Georgia’s state economy that would explain its variation from the national economic situation? Here is a website that explains the economic comparative advantages the state of Georgia has as a basis for your comparative assessment and further discussion.

Answer 1

When we compare the unemployment rate, we can see that in the first in the starting year the unemployment rate was at a low rate and that was around then it started to increase upto 2010 and then we can see the reduction in the unemployment rate until now. We can see the same trend in the labour statistics, if the labour statistics is low the unemployment is also low. There is a positive relationship between the unemployment rate and the labour statistics. If we look at the seasonally adjusted unemployment rate we can see that, first the the unemployment rate was in a declining nature and over the months it has stabilized the rate at , from August 2017 to Feb 18 the rate remained the same. This has to be the unique characterstics of Georgia.