One of the most important signs of a healthy economy is its labor force. Perhaps it is more accurate to say that the labor force is like a mirror for health of the general economy. When jobs are abundant, it can be a reflection of a strong economy. In addition to the unemployment rate, Governments and economists usually refer to other performance indicators to assess the strength of a nation’s labor force such as: The size of the labor force, Employment to population ratio and The Labor Force Participation Rate.
This project will show an overview of labor force dynamics over the past 6 years (2015-2020) for each US states. In addition, it will give more insights on labor force trends in the economy by race and gender demographics. The data were obtained from the United States Census Bureau. US Bureau of Labor Statistics is a rich source of information on the labor force for definitions of terms and concepts used in this report.
Labor market differences among the race and ethnicity groups are associated with many factors, not all of which are measurable. These factors include variations in educational attainment across the groups; the occupations and industries in which the groups work; the geographic areas of the states in which the groups are concentrated, including whether they tend to reside in urban or rural settings; and the degree of discrimination encountered in the workplace. This report describes the labor force characteristics among the largest race and ethnicity groups living in the United States—Whites, Blacks, Asians, and Hispanics—and provides detailed insights through a set of supporting visualizations.
1. In 2020, unemployment rate increased to 8.32% which is a 124% jump compared to the previous year 3.7%. In this case, the government should step in and apply different monetary and fiscal policy measures.
2. The data trend shows a huge gap among racial groups; especially Black or African Americans are highly underprivileged in all labor force matrices. Fight for equal opportunity to all races and promote gender equality in the job market. Funding education is also an effective long term solution. Better-educated people can get jobs easily.
3. Raising the incentive for companies to employ people and open branches in low performing regions like Nevada and West Virginia. This can often be accomplished by giving firms financial incentives like tax advantages or other incentives to offer jobs for the local population.
Glendale, Arizona, United States.