Unemployment rate, actual and adjusted for age/education changes
Unemployment, actual | Unemployment, 2000 weights | |
---|---|---|
1995 | 5.7% | 5.7% |
1996 | 5.5% | 5.5% |
1997 | 5.0% | 5.0% |
1998 | 4.5% | 4.5% |
1999 | 4.2% | 4.2% |
2000 | 4.0% | 4.0% |
2001 | 4.7% | 4.8% |
2002 | 5.8% | 5.9% |
2003 | 6.0% | 6.1% |
2004 | 5.5% | 5.7% |
2005 | 5.1% | 5.3% |
2006 | 4.6% | 4.8% |
2007 | 4.6% | 4.9% |
2008 | 5.8% | 6.2% |
2009 | 9.3% | 9.8% |
2010 | 9.6% | 10.3% |
2011 | 8.9% | 9.6% |
2012 | 8.1% | 8.8% |
2013 | 7.4% | 8.1% |
2014 | 6.2% | 6.8% |
2015 | 5.3% | 5.9% |
2016 | 4.9% | 5.4% |
2017 | 4.4% | 4.9% |
2018 | 3.9% | 4.4% |
2019 | 3.7% | 4.2% |
2020 | 8.1% | 8.7% |
Notes: The adjusted unemployment rate is created by calculating 15 age and education cells (5 education categories and 3 age bins), calculating cell-specific unemployment rates, and holding 2000 cell-shares constant over time. Note that a positive output gap implies that the economy is operating above its long-run potential.
Source: Author’s calculations using data from the EPI extracts from the Current Population Survey (CPS).