A Closer Look

Unemployment in US – Let’s talk stats, facts, causes and more

Guess post by Max Chekalov, whattobecome.com – The unemployment rates of the world population are fairly low, especially if we consider the leading countries. However, even these economies constantly take vast measures in terms of preventing this uncalled-for phenomenon that troubles millions of people worldwide.

The number of people on our planet is changing by billions at a time. This creates the need for more essentials, such as sustenance, education, and of course, employment. Still, the human capital flight and overall potential workforce loss that comes from unemployment happen in all of the world’s countries, no matter their statuses, national happiness index, average salary, etc.

Millennials’ and post-millennials’ job structure is vastly different from the cohorts of previous generations of the past century. Namely, our new generations appear to have less working hours per week, averaging at 34.4 hours.

This comes from the new careers and vocations created every year along with the times changing. The Boomers and Gen X’s mainstream employment model was 9-to-5, working in factories, offices, or being self-employed. Today, many people work remote and freelance; this often helps them do much more in less working hours.

Unemployment comes from three different, yet potentially equally severe cause models.

Frictional unemployment is normally the least dangerous, with people usually being jobless for a certain amount of time while transitioning to another job.

Structural unemployment is usually a bit more serious. People in this range normally have not obtained the structural skills needed for the desired position, or have no possibility of moving to a different branch of their company that lacks employees.

Finally, there is cyclical unemployment. With many industries and branches slowly becoming obsolete, this type of unemployment becomes a reality for millions of people around the world, as overall demands for some jobs decrease in time. People with a set of skills limited to a certain job type have the highest risk of losing their jobs, eventually falling into this category.

The latter is proven to be the most serious for many people out there, as there is an evident abundance in certain industries at times. Investopedia explained this through the example of the World Economic Crisis of 2008 and the booming trend of Americans building their houses. As the Crisis incepted, banks became much more rigorous with their loans, denying them to many people. This made the construction industry tremble, and the workers employed in this branch all over the United States suffered cyclical unemployment.

Our infographic shown below abounds with many other stats and facts. Let’s review just a few.

The stats from this year disclosed the lowest rates of American unemployment in more than ten years, averaging at roughly 3.7% of the entire US population eligible for work.
In concrete numbers, this is about 6 million Americans who can work, yet stay jobless.
The biggest part of the employed population, some 80% is between 25 and 54 years of age.
Roughly 1.4 million Americans are falling under ‘long-term unemployment’ category. This means they remain jobless for 27 weeks (a bit more than six months) since the last time they were registered as employed.

Everyone can fall under the circumstance of getting laid off. However, it doesn’t have to stay like that for too long, as there always are some options. Many people opt-in for temp job agencies that will enable them to work through the transitioning period. Others choose to work online, sharpening their skills, or partake in different courses to change their careers entirely. Try to stay as informed as you can – let’s brush over this topic through some interesting stats.

Author, Max Chekalov. Social media and Max is a match made in heaven. Prolific digital marketer with considerable skill in graphic design and writing, his endless thirst for knowledge and communication can be sated only by the dynamically changing world of social media. Always on top of the latest trends and development in social media marketing, Max’s curiosity and vision bring invaluable insight and value to any project.  

 

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