Introduction
There is a rather high number of unemployed individuals across the majority of the states (U.S. Bureau of Labor Statistics, 2021). Throughout the past decade, the US economy proved to be much stronger than during the 1960s and the 1970s (U.S. Bureau of Labor Statistics, 2013).
Recovery Stage
Different employees are in high demand because the majority of businesses across the US are redeploying their operations (Finamor & Scott, 2021). A reduced number of job opportunities that depend on one’s employment status (essential vs. non-essential) have to be removed from the bigger picture (Petrosky-Nadeau & Zhang, 2021).
Future of the Unemployment Rate
Projections made by the U.S. Bureau of Labor Statistics (2021) and Larson and Sinclair (2021) uncover the potential that the US economy holds in terms of how quickly it can move through the business cycle. There is a certain acceleration trend that makes numerous businesses move forward and hire more people in order to maintain sustainability and reduce the inflation rate (Choi et al., 2021).
Future of the US Economy
Federal spending will be an opportunity to spark labor force growth and gain more insight into the patterns of the local economy (Petrosky-Nadeau & Zhang, 2021). In line with Choi et al. (2021), higher employment rates should be supported irrespective of the amount of resources required to maintain the process.
References
Choi, S. E., Simon, L., Riedy, C. A., & Barrow, J. R. (2021). Modeling the impact of COVID-19 on dental insurance coverage and utilization. Journal of Dental Research, 100(1), 50-57. Web.
Finamor, L., & Scott, D. (2021). Labor market trends and unemployment insurance generosity during the pandemic. Economics Letters, 199, 109722. Web.
Larson, W. D., & Sinclair, T. M. (2021). Nowcasting unemployment insurance claims in the time of COVID-19. International Journal of Forecasting. Web.
Petrosky-Nadeau, N., & Zhang, L. (2021). Unemployment crises. Journal of Monetary Economics, 117, 335-353. Web.
U.S. Bureau of Labor Statistics. (2013). The U.S. economy to 2022: Settling into a new normal. BLS.gov. Web.
U.S. Bureau of Labor Statistics. (2021). Employment up in 49 states over the year ended August 2021. BLS.gov. Web.