Chapter 12, Problem 5P

To determine

The latest data on the national unemployment rate and if the current numbers indicate a recessionary trend.

Concept Introduction:

Economic recession: This period is an early stage of depression. In this period, the economy is in declining stage where slowdown is seen in the stock market, household market and there is an increase in unemployment.

National unemployment rate: Some rate of unemployment always exists in the economy irrespective of labor market equilibrium. This is called the national rate of unemployment. If the labor market is in equilibrium, then people are not willing to work, this is called voluntary-unemployment.