US unemployment rate will keep falling, underpinned by the structural decline in the labor force participation | Eurobank
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US unemployment rate will keep falling, underpinned by the structural decline in the labor force participation

• After the recent slowing in the pace of employment growth, the nonfarm sector experienced modest payroll growth with diminishing weather effects.
• Although labor market slack is on a downward trend, it still remains elevated reinforced by the high levels of long-term unemployed and employed part-time who cannot find a full time job.
• A large part of the recent decline in the unemployment rate is due to the downward trend of the labor force participation rate. Given than at least half of the decline in the labor force participation rate during the crisis is due to structural factors, the downward trend driven by demographic factors will more than offset any cyclical participation rebound...