U.S. sees lowest unemployment rates in over 50 years, here’s why and what to expect
Since the beginning of the COVID-19 pandemic, U.S. unemployment rates have skyrocketed due to the stressed need from US leaders for only essential workers to continue working during the pandemic. But now, as Americans make their way into Feb. 2023, U.S. unemployment rates are not only reaching pre-pandemic levels, which were already low at 3.5% in Feb. 2020 but are even better than they have been for over 50 years.
As regulations and restrictions slowly dropped as the pandemic’s presence progressed and new research was discovered, America slowly began a path to normalcy. The current unemployment rate certainly shows that progress. According to the Bureau of Labor Statistics and President Joe Biden via a Tweet he made on Feb. 8, the U.S. unemployment rate for Jan. 2023, dropped to 3.4%, the lowest it’s been since 1969. Since the worst of the pandemic unemployment rates, America’s unemployment rate has dropped 11.3% in under 3 years.
“I think [the low unemployment rate] it’s going to benefit the economy,” Social Studies teacher Katie Weston said. “When the economy is improving I think that has tangible benefits for everyone…it means that there’s more stability in the market. I think that there are a lot of economic policies right now that the Biden administration has been working to try to continue to improve the economy and to dig ourselves out of the ‘pandemic hole.’ So, I think hopefully that’s on the horizon.”
With the U.S. recovering from the worst of the pandemic and with these new positives in the economy, things seem to be looking good for America’s further economic future and recovery. While the low unemployment rate may not be directly affecting high schoolers, even those with jobs, it’s important to remember the positives this has on many economically contributing Americans, including teenagers.
James "Jimmy" Ryan Prizant is a senior at Niles North and the first lead copy editor for North Star News. In his free time he enjoys bowling, listening...