{"id":1532,"date":"2020-02-21T11:18:06","date_gmt":"2020-02-21T10:18:06","guid":{"rendered":"https:\/\/healthcareers.co\/?p=1532"},"modified":"2020-06-20T11:53:06","modified_gmt":"2020-06-20T10:53:06","slug":"unemployment-trends","status":"publish","type":"post","link":"https:\/\/healthcareers.co\/unemployment-trends\/","title":{"rendered":"30 Statistics that Explain the Latest Unemployment Trends"},"content":{"rendered":"
Unemployment trends <\/span>are what make or break a country\u2019s economy. Because unemployment is so crucial, laws and regulations are constantly made to lower or modify rates. <\/span><\/p>\n There are many types of unemployment, and these different rates show the quality of life in a specific country or region. <\/span><\/p>\n This single factor can predict the health and longevity of a population and even the possibility of a war outbreak. <\/span><\/p>\n Labor force demographics, together with economic circumstances, are what most influence both <\/span>US unemployment trends<\/span> and foreign unemployment fluctuations. <\/span><\/p>\n The following facts and stats dissect the relationship between workforce demographics, location, and unemployment rates in order to make their oscillations more coherent. <\/span><\/p>\n However, the <\/span>healthcare sector<\/span><\/a>\u2019s ability to resist every major recession defies explanation, making it a leading combatant against unemployment in the US throughout history. <\/span><\/p>\n (Statista)<\/span><\/p>\n Seasonal adjustment of unemployment data means removing the typical seasonal component of the analyzed time series. Put simply, the usual seasonal changes, which are already calculated, are used to adjust the unemployment numbers for a clearer picture. <\/span><\/p>\n When this method was used to determine the <\/span>unemployment rate<\/span> in <\/span>2019<\/span>, the highest unemployment was recorded in Alaska (6.1%), just above Mississippi (5.6%) and the District of Columbia (5.3%). In contrast to this, the US states that marked the lowest unemployment rates for 2019 were Vermont (2.3%), South Carolina (2.4%), and Utah (2.4%). <\/span><\/p>\n (King Economics Group) (BLS)<\/span><\/p>\n Historically, Alaska is the state with the highest natural <\/span>unemployment rate in the US<\/span><\/a>. This means that the population in Alaska spends longer periods searching for work or between jobs than the population in any other US region. The Bureau of Labor Statistics found that Alaska\u2019s unemployment rate is 1.5 percentage points above the national average. Since 2009, the lowest-ever unemployment rate in Alaska was 5.5%, recorded in August 2015, and the highest in January 2009 (8%). Seasonal jobs create a great deal of fluctuation in this state\u2014as much as 2.7 percentage points in a year.<\/span><\/p>\n (EPI) (BLS)<\/span><\/p>\n The unemployment rate among the black population is the highest among other racial groups in the US, with a national average of 6%. In November 2019, the unemployment rate of this group was 5.5%, with the highest values in the District of Columbia (11.3%) and Illinois (9.6%). The lowest unemployment rates were recorded in Virginia (3.0%) and Massachusetts (3.7%).<\/span><\/p>\n The gap in the unemployment rate between whites and blacks in 2019 was smallest in Maryland and South Carolina, with ratios of 1.1:1 and 1.2:1. Meanwhile, in the District of Columbia, this gap was most prominent, with a ratio of 6:1.<\/span><\/p>\n (Market Watch)<\/span><\/p>\n The <\/span>US unemployment rate chart <\/span>from 2019 shows that the job market was strong throughout the year, with regional differences across the country. Glassdoor shows that the top three cities contributing to the low unemployment rate for this year were Boston with 152,683 available jobs; Philadelphia with 112,692; and Atlanta with 192,889. Furthermore, the BLS found that Ocean City, NJ, had the highest annual job growth at 7%, followed by Reno, NV (5.5%), and Ogden-Clearfield, Utah (4.6%).<\/span><\/p>\n (Statista)<\/span><\/p>\n US unemployment trends<\/span> point to El Centro, CA (18.1%); Yuma, AZ (17%); and Visalia-Porterville, CA (9.6%), as the metro areas with the highest unemployment rate in 2018.<\/span><\/p>\n (BLS)<\/span><\/p>\n In 2018, 17.4% of the US labor force was represented by foreign-born individuals (28.2 million people). These <\/span>US unemployment trends<\/span> follow national unemployment rates. 2018\u2019s unemployment rate for those born outside the US was 4.1%, and the average rate for those born in the US was 4% that year. These stats are, however, different in relation to gender-participation: foreign-born men are more likely to be employed than native-born men, but in contrast to this, foreign-born women are less active in the labor market than native-born women.<\/span><\/p>\n (DOL)<\/span><\/p>\n The <\/span>United States unemployment rate<\/span> statistics collected by the U.S. Department of Labor in 2018 show the participation of women in the labor force based on the age of their children. Women participated in the labor force at the highest rates in Alaska (68.3%), Minnesota, Nebraska, North Dakota, South Dakota, and Wisconsin. These are also the regions where women with young children have the highest participation rates. In contrast to this, almost half (49.3%) of women weren\u2019t working in West Virginia, the highest rate in the nation. The unemployment rates are also very low in Alabama, Arkansas, Florida, and Kentucky.<\/span><\/p>\n (DOL)<\/span><\/p>\n US veterans from the periods of WWII, the Korean War, and Vietnam have the biggest gender gap in unemployment rates, which is in favor of female veterans. Of those who served in this period, 1.7% of female and 3.6% of male veterans were unemployed in 2018. The gender gap is smaller for veterans of the Gulf War Era I, at 2.1% and 2.9% for female and male veterans, accordingly.<\/span><\/p>\n (Statista)<\/span><\/p>\n The seasonally adjusted <\/span>US unemployment rate<\/span> from <\/span>2019<\/span> for youth was at its highest in January (9.1%). In 2019, Americans aged 16\u201324 counted the lowest unemployment in October (7.9%). These trends are comparable to the annual unemployment rate of the total workforce for the same year, being highest at the beginning of the year and reaching the lowest point in autumn. The median annual youth unemployment rate for this year was approximately 8.43%.<\/span><\/p>\n (Statista)<\/span><\/p>\n The <\/span>unemployment rate trend<\/span> following young <\/span>Americans aged 16\u201324 years<\/span><\/a> has been historically different in accordance with their educational outcome, with lower values for those who graduated from high school and higher rates for those who dropped out. 2009 saw the highest difference between these two unemployment rates, when they reached a difference of 26.7 percentage points in favor of graduates. However, the two rates converged in 2018 with the lowest-ever difference of only 0.4 percentage points.<\/span><\/p>\n (Statista) (HuffPost)<\/span><\/p>\n While US unemployment dropped to a 50-year record low in September 2019 (3.5%), recent college graduates are not that lucky. Starting September 2018, a constant upward trend in their unemployment rate reached 4% in 2019. This newly observed phenomenon exposes the population aged 22\u201327 to unfavorable economic conditions that are not eased by the burden of their student loans. The main reason behind this is suspected to be, among others, the longer hiring periods.<\/span><\/p>\n (Statista) (ONS)<\/span><\/p>\n The UK\u2019s statistical data for the last two years show a growing unemployment rate for UK men, counting 4% in September 2019. In comparison, women had a 3.5% unemployment rate that same month. The difference was noted almost every month during this two-year period, where female unemployment had consistently lower values, with a maximum difference of 0.5 percentage points registered in May 2019.<\/span><\/p>\n (Trading Economics) (The Local)<\/span><\/p>\n At the beginning of 2019, the unemployment rate in France was 8.7%, which was a 10-year record itself, before falling to an even lower 8.1% in the fourth quarter. The average unemployment rate for the past 20 years in France was 9.24%, reaching as high as 10.7% at the beginning of 2008, following the global economic crisis. The recent drop in unemployment isn\u2019t yet directly attributed to the recent political measures of French president Macron, but some believe it\u2019s a direct effect of the politics that aimed to cut the unemployment benefits of some 200,000 job seekers.<\/span><\/p>\n (Eurostat)<\/span><\/p>\n The European youth population has been historically more exposed to unemployment than its seniors. Youths aged 15\u201324 in Greece, Spain, and Italy experienced the highest rates of unemployment in 2018, at 39.9%, 34.3%, and 32.2%, respectively. The lowest rates of youth unemployment for that year were recorded in Iceland (6.1%), Germany (6.2%), and Czechia (6.7%). The average European youth unemployment rate in 2018 was 15.2%, the lowest since 2002. In comparison, the rate of US unemployment for the same group was 8.6% in 2018.<\/span><\/p>\n (CMIE) (Reuters) (Intelligent Economist)<\/span><\/p>\n The unemployment rate in India varies greatly by geographic region. In general, urban areas had 8.5% unemployment, while rural areas had a lower rate of 6.92%. The problem of unemployment in this country is due to factors such as slow economic and industrial growth, the seasonality of agricultural occupations, the caste system, and, above all, the increased population growth. The youth in India (15\u201329 years) make up approximately one-third of the country\u2019s population, and their unemployment rate was as high as 22.5% in March 2019.<\/span><\/p>\n (Trading Economics)<\/span><\/p>\n The <\/span>unemployment trends<\/span> place Niger and Belarus next on the list with a 0.3% unemployment rate. The highest unemployment rates in 2018 and 2019 had the countries Namibia (33.4%), Bosnia and Herzegovina (32.71%), Angola (30.7%), and South Africa (29.1%). The unemployment rate in the EU was 80% higher (6.3%) than that of the US in 2019 (3.67%).<\/span><\/p>\n (Eurostat)<\/span><\/p>\n Historically, the worldwide <\/span>unemployment graph <\/span>shows that women are more affected by unemployment than men. In 2018, 48.5% of women aged 25\u201354 who were unemployed in the EU stated that it was for personal or family reasons. In 2018, a whopping 55.4% of Turkish women were outside the labor market for the same primary reason. However, the gender gap in the EU narrowed to a difference of 0.6 percentage points in 2018. On the other hand, the gender-related unemployment rate for 2008\u20132018 in China shows inverted ratios for men\u2019s and women\u2019s unemployment, with a difference of 1.1 percentage points in favor of Chinese women.<\/span><\/p>\n (Statista)<\/span><\/p>\n The unemployment rate in the US went into constant decline after the financial crisis of 2008. The record low in the last half-century was noted in September 2019 (3.5%). However, future projections are not so optimistic. According to data published in Statista, the rate of US unemployment is expected to rise by approximately 0.4 points, beginning in 2021. The forecast for 2020 is more positive, where the unemployment rate isn\u2019t expected to surpass 3.6%.<\/span><\/p>\n (The Balance)<\/span><\/p>\n This impressive number represented a staggering job growth of 15.6%, counting as the third-largest increase in job growth in US history. During Clinton\u2019s eight years of presidency, he also cut welfare spending by more than 60% through a reform that required welfare beneficiaries to obtain a job after two years. <\/span><\/p>\n (The Balance)<\/span><\/p>\n The optimal natural <\/span>unemployment rate calculation <\/span>is estimated by the Federal Reserve and is usually in the range of 3.5%\u20134.5%. The policymakers use this rate as the target of full employment. The natural unemployment rate has always been present in a healthy, peace-time US economy. If this rate falls below this range, the economy will become overheated, and existing companies will struggle to find qualified workers. The US natural rate of unemployment rose after the 2009 recession and stayed elevated in the 4.9%\u20135.5% range until 2014, when it fell to 4.8%.<\/span><\/p>\n (The Balance)<\/span><\/p>\n During<\/span> the Second World War in 1944, the US economy thrived with a GDP growth of 8% and an inflation rate of only 2.3%. All this under the so-called wartime economy, which consisted mostly of<\/span> the production of wartime goods. In 1946, after the war\u2019s end, the unemployment rate increased to 3.9% (the same rate as in 2018). Another significant drop in US unemployment was in 1952 (reaching a rate of 2.7%), following US expansion.<\/span><\/p>\n (The Balance) (OECD) (Trading Economics)<\/span><\/p>\n The <\/span>US unemployment rate<\/span> from <\/span>2018<\/span> shows a decrease in the rate of long-term unemployment\u2014this rate covers people who searched for work for six months or more. In 2019, around 21.1% of the US\u2019s unemployed population was categorized as long-term job seekers. The long-term unemployed made up 13.3% of the total unemployed population in 2018. In 2019, 0.77% of the total US population was unemployed for the long term. This is lower than 2018\u2019s rate (0.83%).<\/span><\/p>\n (Vox EU)<\/span><\/p>\n The fear that automation will influence <\/span>unemployment trends<\/span> has been present in the public consciousness ever since the industrial revolution. However, the research paper of two economics professors made a bold statement that this fear will never materialize. Their theoretical model explains that the increase in automated tasks will also improve wages and help reduce unemployment through several mechanisms. The study concludes that the dynamics of unemployment depend primarily on the share of labor.<\/span><\/p>\n (BLS)<\/span><\/p>\n Even when unemployment reached a record-breaking high of 10% in October 2009, this seemed to have no effect on the <\/span>healthcare<\/span><\/a> sector, which recorded a constant increase in employment at a total rate of 31.6%, or 3.5 million new jobs, during the 2001\u20132014 period. Estimations show that during this 13-year period, 56.1% of all national job growth occurred in healthcare.<\/span><\/p>\n (ONS) (Statista)<\/span><\/p>\n Continued employment among the world\u2019s population aged 65 and up has been increasing in Western countries since 2000. In the UK, the employment rate for this group was 4.7% in 2000, whereas in 2018, it was as high as 11.4%. Similarly, in the US, the unemployment rates for those over the age of 45 also dropped drastically, reaching 2.9% in 2018. The average <\/span>retirement<\/span><\/a> age in the US is 63, but physicians, on average, tend to work until the age of 69. In 2016, over 30% of physicians were older than 60, and their average age was 51.<\/span><\/p>\n (NCBI)<\/span><\/p>\n Unemployment trends<\/span> among Canadian medical specialists are growing. In 2016, over 20% of young surgeons described themselves as unemployed. The main reason behind this trend is because from 2010 to 2015, the number of surgeons grew by 9.3% while population growth only marked a 5.4% increase. Consequently, the number of training positions for these medical students has dropped by more than 24% since 2010. In addition to this worrisome <\/span>national unemployment rate<\/span>, 23% of the employed young surgeons in Canada described themselves as underemployed.<\/span><\/p>\nThe Top 10 Facts and Stats on <\/b>Unemployment Trends<\/b><\/h2>\n
\n
Unemployment Trends<\/b> by US Region<\/b><\/h2>\n
\n1. In 2019, the highest seasonally adjusted unemployment rate was recorded in Alaska (6.1%).<\/b><\/h3>\n
2. Alaska has also led in natural <\/b>unemployment rate by year<\/b> for the last 40 years.<\/b><\/h3>\n
3. Maryland and South Carolina had the smallest unemployment rate gap between the black and white population in 2019, statistics on the <\/b>current unemployment rate in<\/b> the <\/b>US <\/b>show.<\/b><\/h3>\n
4. Boston, Philadelphia, and Atlanta had the most job openings in 2019.<\/b><\/h3>\n
5. El Centro, CA, was the metro area with the highest unemployment rate in 2018 (18.1%).<\/b><\/h3>\n
US Unemployment & Demographics<\/b><\/h2>\n
\n6. The unemployment rate of foreign-born individuals in the US was 3.5% in 2018.<\/b><\/h3>\n
7. Women with children under 6 years old had the highest employment rates in Iowa, North Dakota, South Dakota, and Minnesota.<\/b><\/h3>\n
8. <\/b>Unemployment statistics<\/b> show that US female veterans who\u2019ve served in major wars have lower unemployment rates than male veterans who served in the same periods.<\/b><\/h3>\n
9. 9.1% of US youth (16\u201324 years) were unemployed in January 2019.<\/b><\/h3>\n
10. In 2018, the unemployment rates of high school graduates and dropouts were very similar.<\/b><\/h3>\n
11. <\/b>US unemployment trends<\/b> show higher rates for recent college graduates.<\/b><\/h3>\n
Worldwide Unemployment<\/b><\/h2>\n
\n12. Women are more employed than men in the <\/b>United Kingdom, unemployment rate<\/b> statistics from 2017 through 2019 show.<\/b><\/h3>\n
13. In <\/b>France<\/b>, the <\/b>unemployment rate<\/b> in 2019 dropped to its lowest (8.1%) for the last decade.<\/b><\/h3>\n
14. In 2018, the <\/b>unemployment trends<\/b> for European youth showed the highest rates in Greece, at 39.9%.<\/b><\/h3>\n
15. In 2019, the <\/b>unemployment rate<\/b> in <\/b>India<\/b> was highest in the state of Tripura (28.6%).<\/b><\/h3>\n
16. Qatar and Cambodia have the lowest unemployment in the world (0.10%).<\/b><\/h3>\n
17. Chinese women lead in labor force activity in the Asia-Pacific region.<\/b><\/h3>\n
Unemployment Dynamics and Projections<\/b><\/h2>\n
\n18. Forecasted <\/b>unemployment trends<\/b> for the US project a near-constant rate increase up through 2029.<\/b><\/h2>\n
19. Bill Clinton was the biggest job creator of all US presidents (18.6 million jobs), lowering the <\/b>unemployment in America <\/b>from 6.5% in 1993 to 3.9% in 2000.<\/b><\/h3>\n
20. A natural unemployment rate below 4% can prevent the expansion of companies.<\/b><\/h3>\n
21. The lowest <\/b>US unemployment rate<\/b> in <\/b>history<\/b> since 1929 was 1.2% in 1944.<\/b><\/h3>\n
22. In November 2019, there were 1.2 million long-term unemployed individuals in the US.<\/b><\/h3>\n
23. 2018\u2019s research concludes that automation-induced unemployment will eventually drop down to zero.<\/b><\/h3>\n
Unemployment & Healthcare<\/b><\/h2>\n
\n24. <\/b>Unemployment trends<\/b> show that the healthcare sector is recession-resistant.<\/b><\/h3>\n
25. <\/b>The unemployment trends<\/b> of physicians over 65 years of age are diminishing as most of them don\u2019t retire until the age of 69.<\/b><\/h3>\n
26. Newly licensed medical specialists in Canada have over 20% unemployment rates.<\/b><\/h3>\n
27. The most common occupation for women in the US is that of registered nurse.<\/b><\/h3>\n