According to the Office for National Statistics, the most shocking statistics about unemployment have been uncovered by the organization’s economy tracker for unemployment. For the purpose of this article, here are some of the most current and up-to-date facts about unemployment in the United States that might just shock you.
The unemployment rate is considered a “lagging” economic indicator due to the fact that businesses will delay letting go of employees as long as possible when they are facing difficult economic times.
Within a few months of the Great Recession in 2008, the unemployment rate experienced a sharp increase. At that time, the unemployment rate in the United States was five percent, which means approximately 1.6 million people were recorded as unemployed.
By the end of 2011, the unemployment rate reached a record high of 2.7 million people; this number was the highest that the unemployment rate had reached in 17 years.
Within a three-month period, specifically from November 2013 to February 2014, the number of people who were unemployed in the United States dropped from 77,000 to a whopping 2.24 million. This number accounts for individuals between 16 and 65 years old.
Overall, the United States economy has experienced a loss of 7.5 million jobs since the start of the Great Recession in 2008.
According to the Office of National Statistics, the current unemployment rate in the United States is sitting around 9.5 percent, and it has not changed for over one year. This means approximately 15 million people in the United States are officially unemployed.
The number of Americans who are claiming “Jobseeker’s Allowance” dropped from 30,400 people in November 2013 to 1.14 million in March 2014.
The average American who is unemployed will spend about 33 weeks searching for a job before one is obtained. Thus, an unemployed worker in the United States will spend 231 days out 365 days in the year searching for employment.
For every job opening, whether it is an opening for a new job or existing job, there are approximately five unemployed workers in the United States who will be competing to fill the role. To add to this problem, an individual who has been unemployed for under five weeks is three times more likely than an individual who has been unemployed for more than five weeks to obtain full-time employment.