Unemployment is a term used to describe people who are actively looking for work but are unable to find one. The unemployment rate is derived by dividing the total number of unemployed persons by the total number of people in a certain region or workforce. It is one of the most important markers of a country's economic health. Recession, government policies, geographical labor mobility, technological advancements, global economy, expanding population, and education, training, and skill development of workers are some of the primary elements that influence unemployment in a country.
Global Unemployment
In 2020, the worldwide unemployment rate rose to 6.5%. The global unemployment rate increased by 33 million, reaching 220 million people in 2020.
According to the International Labour Organization, the global unemployment rate is expected to reach 5.7% in 2022, with more than 200 million people unemployed globally, which is more than the COVID-19 level.
Unemployment Rate of the US
Between 2015-2020, the unemployment rate in the US was highest in 2020, reaching 8.12%. The unemployment rate decreased from 5.3% in 2015 to 3.7% in 2019 but again increased in 2020, followed by a decline in 2021 to 5.4%. In 2020, the halt in various non-essential activities, particularly in the hospitality sector due the COVID-19 pandemic, led to massive job loss since March 2020.
Even though many job opportunities have revived since April–August 2020, there existed a high level of uncertainty among employers. However, with the easing of restrictions and support from the government, the unemployment rate decreased to 5.5% in 2021. With more job creation, the unemployment rate is further forecasted to decline to 4.4% in 2022. Employment continued to trend up in the leisure and hospitality, professional and business services, manufacturing, construction, and transportation and warehousing sectors.
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward