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The unemployment rate (U-3), measured as the number of persons unemployed divided by the civilian labor force, rose from 5.0% in December 2007 to peak at 10.0% in October 2009, before steadily falling to 4.7% by December 2016 and then to 3.5% by December 2019. [ 40 ] By August 2023, it reached 3.8 percent.
There are many domestic factors affecting the U.S. labor force and employment levels. These include: economic growth; cyclical and structural factors; demographics; education and training; innovation; labor unions; and industry consolidation [2] In addition to macroeconomic and individual firm-related factors, there are individual-related factors that influence the risk of unemployment.
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [ 1 ] a lower population-wide satisfaction and happiness [ 2 ][ 3 ] and even a lower level of economic growth when human capital is neglected ...
Workers in most states have 26 weeks of paid unemployment benefits, but according to the Bureau of Labor Statistics, 21% of workers are now taking more than 27 weeks to find a new job, up 3% from ...
By the end of 2009 the unemployment rate for men was 10.7%, while women's unemployment peaked at 8.4%. [59] This trend of the "mancession" was seen in other countries as well; in 2008 605,000 of the 891,000 who lost their jobs in the United Kingdom were men. [60] The stress of unemployment affects men and women differently.
Youth unemployment stood at 16% in the United States and 11.6% in Hong Kong in September 2013. [34] In 2008, 48% of students age 16 and 70% of students ages 23–24 held jobs. [35] The average age of first employment is 22 years old. [36] Typically, young Danes will spend 4.5 years out of the first five years of leaving education in employment.
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) [2] not being in paid employment or self-employment but currently available for work during the reference period. [3] Unemployment is measured by the unemployment rate, which is the number of people who are ...
In other words, unemployment never reaches 0%, so it is not a negative indicator of the health of an economy, unless it exceeds the "natural rate", in which case the excess corresponds directly to a loss in the GDP. [163] The full impact of a recession on employment may not be felt for several quarters.