Unemployment and the “dual labor market”
SINCE the end of World War II, the United States has experienced persistently high unemployment. There have been 19 postwar years in which the unemployment rate exceeded four per cent; in 11 of those years it surpassed five per cent; in only four years did it fall below 3.5 per cent. This is a record far worse than that of any of the industrialized nations of Western Europe or Japan.