Number of Civilians Unemployed for 15 Weeks or Longer for Massachusetts
UNEMP15MA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52,100.00
Year-over-Year Change
-62.71%
Date Range
10/1/2003 - 7/1/2024
Summary
The 'Number of Civilians Unemployed for 15 Weeks or Longer for Massachusetts' trend measures the count of long-term unemployed individuals in the Massachusetts labor force. This statistic is a key indicator of economic conditions and labor market health in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This metric tracks the number of Massachusetts residents who have been out of work for 15 weeks or more. It provides insights into the duration and severity of unemployment, which is crucial for policymakers and analysts assessing the state's economic performance and labor market dynamics.
Methodology
The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists, policymakers, and businesses to gauge the strength of the Massachusetts economy and labor market.
Key Facts
- Massachusetts has a labor force of over 3.7 million people.
- The state's unemployment rate has ranged from 2.6% to 16.1% in the past decade.
- Long-term unemployment can have significant social and economic consequences.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of civilians in Massachusetts who have been unemployed for 15 weeks or longer, providing insights into the duration and severity of joblessness in the state.
Q: Why is this trend relevant for users or analysts?
A: The number of long-term unemployed is a crucial indicator of labor market health and economic conditions in Massachusetts, helping policymakers and analysts assess the strength and resilience of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to evaluate the effectiveness of labor market policies and make informed decisions about employment-related programs and initiatives in Massachusetts.
Q: Are there update delays or limitations?
A: The data is typically published on a monthly basis, with a short delay to allow for collection and processing. While comprehensive, the survey-based nature of the data may be subject to sampling and reporting limitations.
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Citation
U.S. Federal Reserve, Number of Civilians Unemployed for 15 Weeks or Longer for Massachusetts (UNEMP15MA), retrieved from FRED.