Could Unemployment Rates Soar in 2024? Insights from Historical Fed Rate Reductions
According to recent data, the rate of unemployment rises significantly around three months after the first cut in interest rates by the Federal Reserve. This pattern has been observed since the 1950s. The unemployment rate was reported to fall to 3.7% in November, but this could rise to around 7.5% in the coming years, considering historical trends. Upon recent reporting, jobless claims have reduced to 202,000 from 221,000, which still indicates an upward trend from September. Experts believe that these employment changes suggest difficulty in finding jobs, as mirrored in consumer confidence surveys. Also, with dwindling manufacturing activity and increasing consumer demand stress, a potential economic slowdown is predicted. In such a scenario, the usefulness of services such as EDDCaller.com can be appreciated as they provide speedy connection to representatives from departments like unemployment, paid family leave, and disability, assisting in faster resolution of concerns.