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Floyd Norris in his article, Changes in Labour Force Mask Gains in the Jobs Situation, reveals that common indicators of the labour market present different pictures of the US economy since the end of the Great Recession in 2009. The two indicators are the labour force participation rate and unemployment rate. The author asserts that the changes in demographics can account for the low rate of labour force participation. For example, at the beginning of the recession in 2007, 54% of the people were within the working-age range of 25 to 54 while at present, the figure stands at 51%. During the same period, 30% of the population were above 55 and is currently 34%. Even though statistical data shows a decrease in the unemployment rate, changes in percentages of the working population are due to the decrease in the number of youths seeking employment or having employment. However, the US economy has reported an increase in women’s employment rate.
The article relates to the class material in discussing the incidences in the US economy that have created massive impacts on the GDP. Just like the aftermaths of the Civil War (1861-65), such as loss of physical capital and diversion of resources, the above labour market indicators aid in forecasting on the probable variations to the economy. This is why we should use the article in economic classes and for economists in predicting the financial crisis in order to put necessary measures to mitigate such situations. Classroom discussions on the economic history of the US are comparable to this article in studying the aftermaths of the 1893 depression and the Great Recession of 2009. Norris’s article elucidates on the parameters that determine the strength of an economy.
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