The natural rate of unemployment (NAIRU) is the rate of unemployment arising from all sources except fluctuations in aggregate demand. Estimates of potential GDP are based on the long-term natural rate. (CBO did not make explicit adjustments to the short-term natural rate for structural factors before the recent downturn.) The short-term natural rate incorporates structural factors that are temporarily boosting the natural rate beginning in 2008. The short-term natural rate is used to gauge the amount of current and projected slack in labor markets, which is a key input into CBO's projections of inflation.
|Last Value||4.381 %|
|Last Updated||2019-08-22 11:19:01-05|
|Average Growth Rate||-0.06|
|Long Term Average||5.36|
|Value from 1 Year Ago||4.401|
|Change from 1 Year Ago||-0.45|