Alarming Job Loss Stats and Facts

Even the most developed countries, which we call “the first-world countries,” have to battle unemployment daily.

Even though the unemployment rate is relatively low in many countries of the world, the question of the rising population brings up many other issues. Governments everywhere have to create new jobs to prevent brain drain.

In the infographic we put together for you, we offer some of the most attention-grabbing stats and facts regarding this unwanted occurrence and the effects of unemployment on countries everywhere.

Out of all the information provided, we chose to single out a few, focusing on the last couple of years:

• This year marked the lowest unemployment rate in more than a decade. The unemployment rate in the US is 3.7%.
• About six million Americans are unemployed, yet eligible for different jobs.
• Workers aged 25 to 54 account for the largest percentage of the workforce.
• About 1.4 million people in the United States have reported the case of “long-term unemployment” or being unemployed for 27 or more weeks straight.
• By quartiles, the unemployment rate in 2018 varied between 3.7 and 4%, with more people deliberately quitting their jobs each year.
• By gender, the unemployment rate stagnates at 3.3% for both men and women.

As opposed to the previous cohorts of people, such as the Silent Generation, baby boomers, and Gen X, it appears that millennials and Gen Z-ers have much fewer work hours per week, averaging at roughly 34.4 hours.

That comes from the fact that the new age created a variety of jobs that are not based on the 9-to-5 system, but rather on freelancing and working remotely.

There are three major types of unemployment:

• Frictional: when people are in-between jobs or have to quit a current job and wait to be invited to join another workforce.
• Structural: this unemployment type typically lasts a bit longer. It happens when employees have not yet acquired the necessary set of skills or are unable to move to another location in case the corporate needs them to.
• Cyclical: coming from decreased demand for a specific type of labor, resulting in companies or whole industries being unable to employ everyone looking for a job.

Cyclical unemployment can be the most severe type for workers everywhere, as demands coming from the world’s population and economies tend to vary annually. This form of unemployment is best explained through the example of the 2008 global financial crisis.

Up until that year, many people were building houses financed by different loans. However, when conditions for taking out a loan became more strict, the construction industry started to suffer, with a sudden decline in construction jobs everywhere.

On average, about 26% of all the unemployed in the United States get unemployment benefits. Individuals living in some states have a larger chance of obtaining a weekly UI payout. Those living in Massachusetts, Hawaii, Iowa, Idaho, and Minnesota receive anywhere from $307 to $515 each week, depending on their yearly incomes.

All things considered, it is clear that unemployment can hit anyone, working in any industry out there. However, there are plenty of things one can do in case of sudden job loss or long-term unemployment. It is advised to join temp agencies, get a job online, learn new skills, and, if possible, take courses related to in-demand jobs. Of course, staying as informed as possible can never hurt. Keep reading—we have a lot in store for you.