U.S. Unemployment Rates
Unemployment is what the status of not being employed is called. If you get laid off, downsized, lose your job due to a failing business, or end up with no work because demand for what you used to do has diminished, than you are considered unemployed. Unemployment is a problem that comes and goes with the modern financial cycle. During periods of recession, you generally see higher levels of unemployment than you do during good times. Companies will fail, businesses will downsize, services will run out of work, factories will close… and as a result, people lose their jobs. Sometimes, many thousands of people end up jobless, which contributes to the problem because nobody then has any money to spend on anything. Then, because goods are not being bought, businesses lay off more workers, and the dreadful cycle continues.
There are a number of different ways people deal with unemployment. Some of those include unemployment insurance, unemployment benefits, unemployment compensation, etc. As the unemployment rate rises, people find that they need to seek assistance, and that usually comes from the government. For instance, Ohio unemployment has recently soared to a new rate of 7.8%… this is a higher rate than Ohio has seen for more than 20 years! Studies show that the number of unemployed people in Ohio has increased by 118,000 in only 12 months! And most of those unemployed individuals will probably file for unemployment compensation.
You might ask the question… how do I collect unemployment? There are a lot of different ways in which you can go about doing this. You can apply for unemployment, file unemployment online, file for an unemployment extension, or sign up for unemployment. Filing unemployment papers is really not all that hard, and you can generally find all the help you need at your local social security office. Unemployment causes consequences for everyone, but mostly for the worker.
Unemployment during the great depression reached an all time high of 25%. Do you know what that means? It means that 25% of people had lost their jobs due to the bad economy! That means that one in four individuals from the work-force were out of work during the great depression. Hopefully, things never get that bad again. After all, 7.8% is a far cry from 25%. But then again, 7.8% is bad for a recession, as we are not in a depression. Economists say that the U.S. will come out of it, but it is going to just take a little time, and possibly some help from the government in the form of stimulus money.
Current United States Unemployment Rate: 7.2%
Unemployment Rates by State
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