Unemployment numbers point to various other difficulties within the economy in the midst of the COVID-19 pandemic.
While some are drawing comparisons between current unemployment numbers and those of the Great Depression, Dr. Perryman explains that there are fundamental differences in the two situations.
Employers added 266,000 jobs in November and unemployment falls to a 50 year low.
The Texas Workforce Commission's June employment report shows employers added 45,000 jobs. Dr. Perryman calls the results quite encouraging.
Can a state's unemployment rate actually fall too low? According to Dr. Perryman, we are learning that the answer is yes, it can.
The Labor Department says employers added 263,000 jobs in April while the unemployment rate fell to a five-decade low of 3.2%.
President Trump inherits an economy with an unemployment rate of 4.8% with the addition of 227,000 jobs in January.
The latest job loss numbers are tragic, but not unexpected considering the COVID-19 pandemic and efforts to control its spread. Total nonfarm payroll employment fell by 20.5 million in April, with losses across all major sectors. The unemployment rate rose to 14.7%, a 10.3 percentage point increase over March. It's the highest rate and the largest increase in the history of the series and will likely get worse.
The US labor market is tight, with national unemployment rates well below the 4% level commonly considered "full employment." There is perhaps some modest slack, with millions unemployed and others working part-time when they'd rather be working full time. Nonetheless, there are ample signs that even this limited supply of potential workers is diminishing in most markets and industries.