Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in Washington
Annual, Not Seasonally Adjusted
WADURMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
80.50
Year-over-Year Change
-21.29%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted series measures the average duration of unemployment in the United States. This key economic indicator provides insights into labor market dynamics and the health of the overall economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Average Duration of Unemployment series tracks the mean number of weeks that jobless individuals have been actively seeking work. It offers a more nuanced view of unemployment beyond just the headline jobless rate, shedding light on the persistence and severity of joblessness.
Methodology
The data is collected through the Current Population Survey, a monthly household survey conducted by the U.S. Census Bureau.
Historical Context
Policymakers and economists closely monitor the average duration of unemployment to gauge the strength of the labor market and inform decisions around monetary and fiscal policy.
Key Facts
- The average duration of unemployment peaked at 40.7 weeks in 2011 during the Great Recession.
- In May 2023, the average duration of unemployment was 23.3 weeks.
- Long-term unemployment (27 weeks or more) accounted for 19.3% of total unemployment in May 2023.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted series measures the average number of weeks that jobless individuals have been actively searching for work in the United States.
Q: Why is this trend relevant for users or analysts?
A: The average duration of unemployment provides valuable insights into labor market dynamics, the severity of joblessness, and the overall health of the economy.
Q: How is this data collected or calculated?
A: The data is collected through the monthly Current Population Survey conducted by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor the average duration of unemployment to gauge the strength of the labor market and inform decisions around monetary and fiscal policy.
Q: Are there update delays or limitations?
A: The data is released monthly with a short delay, providing timely insights into the state of the labor market.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (WADURMANQGSP), retrieved from FRED.