The wide-ranging effects of the lowest unemployment rate in five decades
The unemployment rate was recorded at 3.5 % in December 2019. The labor force participation rate was unchanged at 63.2%. For the first time in 11 years, four-fifths of all Americans in their prime working years have a job.
Prime-age workers are big home buyers and consumers compared to younger Americans just starting out, those nearing retirement or people who’ve already retired. They play a huge role in how fast the economy grows. The percentage of these people holding a job had fallen to a 26-year low of 74.8% after the 2007-2009 Great Recession.