An Epirical Analysis of the Unemployment Rate in the United States under the COVID-19 Pandemic

DOI

10.2991/978-94-6463-042-8_70How to use a DOI?

Keywords

The unemployment rate; pandemic; GDP; exchange rate; the trade deficit

Abstract

The outbreak of the COVID-19 pandemic led to a global financial crisis. As one of the most severely affected countries, the United States experienced a significant economic shrinking throughout the year 2021 and its economy sank into the worst recession in the last 74 years. The unemployment rate, as a typical economic indicator, has risen sharply. This paper conducted an empirical analysis to understand the impact of GDP index, exchange rate and trade deficit on the unemployment rate in the context of the pandemic. The outbreak of the pandemic severely damaged American trade and capital markets as a crisis event. It is of great practical significance to empirically analyze whether raising GDP, exchange rate and reducing trade deficit can alleviate the high unemployment rate in the United States during the pandemic. This paper used the data on the website of the United States Bureau of Labor. Multiple linear regression was performed based on time series data from June 2019 to February 2022. The results show that GDP, as the main factor, is closely related to the unemployment rate, and increasing GDP will reduce the unemployment rate. The impact of the trade deficit on the unemployment rate is not great, which may be related to its industrial structure. The exchange rate did not affect unemployment.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yuxuan Zhang
PY  - 2022
DA  - 2022/12/29
TI  - An Epirical Analysis of the Unemployment Rate in the United States under the COVID-19 Pandemic
BT  - Proceedings of the 2022 International Conference on mathematical statistics and economic analysis (MSEA 2022)
PB  - Atlantis Press
SP  - 483
EP  - 489
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6463-042-8_70
DO  - 10.2991/978-94-6463-042-8_70
ID  - Zhang2022
ER  -