Global Recession: A Catalyst of Prevalent Unemployment RateThe financial crisis that occurred in the late 2000s was considered to be one of the direst and worst economic recessions that blighted the global economic market. It had reduced manifold financing institutions to closures; there was a considerable downturn on stock markets and a considerable reduction of the consumer’s ability to buy goods which had caused failure to several business establishments. In addition, pervasive worldwide, there was a slow movement on the economy, foreclosures and evictions and an anticipated high unemployment rates which will be the focus of this particular study.
The effects of the global economic recession have really affected the employment status of the world. According to the Bureau of Labor Statistics, in the United States alone, a 9% unemployment rate was reported for the month of October. The highest unemployment rate in the United States was recorded October of 2009 where it had reached up to 10.1%. Also, according to the BLS or the Bureau of Labor Statistics:
“From 1948 until 2010 the United States’ Unemployment Rate averaged 5.70 percent reaching an historical high of 10.80 percent in November of 1982 and a record low of 2.50 percent in May of 1953. The labour force is defined as the number of people employed plus the number unemployed but seeking work. The non-labour force includes those who are not looking for work, those who are institutionalised and those serving in the military”.
In some other countries, the unemployment rate is also prevalent; although, it is not as serious as that of the United States. Singapore had an unemployment rate of 1.9%, China and Japan had 4.1%, and Hong Kong had a 3.5% unemployment rate as of July this year.
The following graph and table are courtesy of the Bureau of Labor Statistics (BLS)
- “United States Unemployment Rate.” com. Tradingeconomics, n.d.
Web. 30 November 2011
- “List of Countries by Unemployment Rate.” org. Wikipedia, n.d. Web. 30 November 2011
- Bureau of Labor Statistics. Department of Labor, 2011. Web. 30 November 2011
- “Economic Recession.” blogspot.com. theeconomicrecession, 2009. Web. 30 November 2011