Final answer:
The U.S. unemployment rate typically falls between 4% to 6% during strong economic periods, signifying full employment, despite historical trends showing no long-term upward or downward shifts in unemployment rates. Absolute full employment is unachievable due to the nature of job transitions and personal choices.
Step-by-step explanation:
The statement that unemployment rates in the United States continue to decline and are now near what is known as functional full-employment is contextually dependent on the current economic situation. Typically, during periods of strong economic performance, the unemployment rate in the U.S. falls to a range of 4% to 6%, which is considered to represent full employment. It is important to recognize that the concept of absolute full employment, where the unemployment rate falls to zero, is unachievable as there are always people transitioning between jobs, incapable of work, or choosing not to work for various reasons.
Despite significant changes such as population growth, globalization, and advancements in technology, historical data suggests the U.S. has maintained no long-term rising or falling trend in unemployment rates. The U.S. population increased from around 76 million in 1900 to over 324 million by 2017, and women have entered the paid workforce in substantial numbers, now nearly making up half of it. Nonetheless, these demographic and economic shifts have not resulted in persistent upward or downward trends in unemployment rates.
Regional factors can also affect unemployment rates; for example, California experienced higher unemployment rates in the early 1990s due to industry-specific setbacks and businesses relocating. Therefore, whether the unemployment rates continue to decline to levels consistent with functional full-employment can vary depending on the current economic climate and regional economic circumstances.