More than four years in a row (2009-2012) unemployment in the US exceeded 8%. After the unemployment rate reached its peak of 10% in October 2009, it decreased by 5 percentage points so far and stayed at 5% in March 2016. Unemployment in California, which accounts for about 13% of total US GDP, is 5.5%.
(14 June 2021) In 2020, the US unemployment rate averaged 8.1%, the highest annual rate since 2012. In January and February of last year, the unemployment rate in the United States stood at a 50-year low of 3.5%, but unemployment soared to 14.7% in April 2020 due to mass layoffs resulting from the COVID-19 pandemic. US unemployment declined steadily in the second half of last year and has continued a gradual downward trend this spring. In May 2021 it reached 5.8%, which is 56% lower than the year before and equals the unemployment level of 2014. Here are the US unemployment rate...
(14 January 2022) Labor market conditions in the eurozone (EA19) — the E.U. member countries that use a shared single currency, the euro — improved in November, as unemployment fell to a record low since the COVID-19 pandemic started in March 2020. (December 2021 unemployment data will be released in February.) The eurozone registered a decline of 222,000 in the number of unemployed people in November compared to October, with the total down to 11.8 million. The unemployment rate fell from 7.3% to 7.2% for the same period. The lowest unemployment rates were registered by the...
(March 2018) The US unemployment rate increased by 0.1 percentage point in March compared to the previous month, reaching 5 percent, or about 8 million people. Many Americans consider a reduction of the unemployment rate to be one of the highest-priority socio economic issues. As economists point out, however, there is a natural or normal rate of unemployment that signals stable prices in a well-functioning economy and the US has little margin at present. The current natural unemployment rate is estimated at 4.8 percent, which is only slightly less that the current actual...
According to the evidence provided by recent empirical studies, unemployed people are, in general, unhappier than employed ones. This evidence, however, concerns only the concept of overall life satisfaction but does not take into account experienced happiness (or experienced utility), which usually implies happiness the day before the survey and consists of satisfaction from different activities (e.g. hobbies, eating, shopping, working etc.). Experienced happiness, though, is more suitable approach, since it gives insight into what makes people happy when they are employed and what...
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