unemployment rates are studied. Applying a range of unit-root tests to monthly data from Australia, Austria, Canada, Finland …, Sweden, the U.K. and the U.S., we find results for employment rates that contrast those based on unemployment rates. In … particular, rather than the mixed evidence for hysteresis found using unemployment rates, employment rates result in unequivocal …

The informational value of the aggregate US unemployment rate has recently been questioned because of a unit root in … the labor-force participation rate; the lack of mean reversion implies that long-run changes in unemployment rates are … highly unlikely to reflect long-run changes in joblessness. This paper shows that this critique also extends to unemployment …