With higher education, unemployment decreased. It was around 13% for those with less than a high school diploma, 9% for those with a high school diploma, and less than 4% for those with more than a high school diploma.
The observed correlation between changes in the unemployment rate and the growth rate of real gross domestic product is described by that adage (GDP). Okun stated that real GDP growth close to the rate of expansion of its potential is typically necessary, only to hold the unemployment rate steady. This is due to continual increases in the size of the work force and in the level of productivity. Therefore, the economy needs to expand faster than it can in order to lower the unemployment rate.
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