[{"data":1,"prerenderedAt":58},["ShallowReactive",2],{"term:natural-rate-of-unemployment":3},{"term":4,"related":45},{"id":5,"title":6,"body":7,"category":27,"description":28,"extension":29,"faq":30,"meta":31,"navigation":32,"path":33,"related":34,"seo":38,"stem":39,"takeaways":40,"__hash__":44},"terms\u002Fterms\u002Fnatural-rate-of-unemployment.md","Natural Rate of Unemployment",{"type":8,"value":9,"toc":22},"minimark",[10,15,19],[11,12,14],"h2",{"id":13},"understanding-natural-rate-of-unemployment","Understanding Natural Rate of Unemployment",[16,17,18],"p",{},"Some unemployment always exists because people change jobs and skills do not match openings. The natural rate is the rate consistent with stable inflation; the closely related NAIRU is the non-accelerating inflation rate of unemployment.",[16,20,21],{},"It cannot be observed directly and is estimated, with estimates changing over time. When unemployment falls well below it, inflation tends to rise.",{"title":23,"searchDepth":24,"depth":24,"links":25},"",2,[26],{"id":13,"depth":24,"text":14},"economy","The unemployment rate that persists when the economy is at full strength, also called the NAIRU.","md",[],{},true,"\u002Fterms\u002Fnatural-rate-of-unemployment",[35,36,37],"unemployment-rate","phillips-curve","output-gap",{"title":6,"description":28},"terms\u002Fnatural-rate-of-unemployment",[41,42,43],"The natural rate includes frictional and structural unemployment.","Below it, inflation pressure tends to build.","It is estimated, not observed.","28Vp_YOIxtXXN86ogA1rJx0FIvvl7-T3HOnzp7xwkXY",[46,50,54],{"title":47,"description":48,"path":49},"Output Gap","The difference between actual GDP and potential GDP.","\u002Fterms\u002Foutput-gap",{"title":51,"description":52,"path":53},"Phillips Curve","The short-run trade-off between unemployment and inflation.","\u002Fterms\u002Fphillips-curve",{"title":55,"description":56,"path":57},"Unemployment Rate","The share of the labor force that is jobless but available and actively looking for work.","\u002Fterms\u002Funemployment-rate",1793374005523]