Countries like the United States of America, Japan, China, Germany, Norway, Denmark, etc., boast of high living standards and salaries, overall national happiness index, and so on. Economies of these countries dictate the smaller economies of the world. However, even they struggle with the recurring phenomenon of unemployment.
The phenomenon has a place in debates across the entire world, as it can drag the entire population down. Thus, governments have to create new job positions continually to stop people from moving to other countries where the situation is considerably better.
Here are some of the most interesting unemployment-related facts:
- As of 2019, the United States had the lowest unemployment rate since 2004 or so, standing at 3.7% in Q1.
- This 3.7% add up to roughly 6 million unemployed Americans who are eligible to work, yet can’t find a job.
- About 79.9% of American workers are aged 25-54.
- Around 1.4 million Americans are long-term unemployed. This means they can’t find a job for 27+ weeks straight.
- Unemployment rates are equal by gender in the United States.
Baby boomers and Generation X spent more hours at work in comparison to millennials and Generation Z, who are notorious for freelance and remote work, and whose weeks average at 34.4 working hours.
Economists and analysts everywhere like to categorize the causes of unemployment under three categories:
- Frictional unemployment. It is created ‘in-between jobs’ and typically doesn’t last for a long time.
- Structural unemployment. It tends to span over a longer period and is caused by a lack of skills or flexibility to move to another city/region where corporations need more employees.
- Cyclical unemployment. As the economies shift, many jobs will become redundant. As cruel as this sounds, it is, unfortunately, getting more common every year.
Of course, the United States grants benefits to a somewhat large portion of the unemployed people, depending on their unemployment type and yearly income. The highest weekly payouts range from $307-515 and are common in states such as Minnesota, Idaho, Iowa, Hawaii, and Massachusetts.
Unemployment can be very harsh, not only for one’s living situation, but for her overall health, lifestyle, habits, and confidence. There are a few ways around this, through temporary jobs, choosing to sharpen existing skills, or even obtaining new ones by attending courses, making contacts, and getting as informed as possible.
Check out the infographic that follows to learn more about the subject.