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For 2015 the U.S. natural rate of unemployment was estimated to be about 4.9 percent, which was close to the actual unemployment rate in 2015.
Natural Rate
A term often used in economics to describe the level of output or unemployment that the economy tends toward in the long run, unaffected by short-term fluctuations.
Unemployment Rate
The percentage of the labor force that is jobless and actively looking for employment, a key economic indicator.
Estimated
Calculated approximations or predicted values based on statistical models and available data.
- Comprehend the concept of natural and cyclical unemployment.
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Learning Objectives
- Comprehend the concept of natural and cyclical unemployment.
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