With the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street in 2007 and 2008, economies across the globe began to enter into deep recessions. What had started out as a crisis centered on the United States quickly became global in nature, as it became apparent that not only had the economies of other advanced countries (grouped together as the G7) become intimately tied to the U.S. financial system, but that many of them had experienced housing and asset price bubbles similar to that in the U.S.. The United Kingdom had experienced a huge inflation of housing prices since the 1990s, while Eurozone members (such as Germany, France and Italy) had financial sectors which had become involved in reckless lending to economies on the periphery of the EU, such as Greece, Ireland and Portugal. Other countries, such as Japan, were hit heavily due their export-led growth models which suffered from the decline in international trade. Unemployment during the Great Recession As business and consumer confidence crashed, credit markets froze, and international trade contracted, the unemployment rate in the most advanced economies shot up. While four to five percent is generally considered to be a healthy unemployment rate, nearing full employment in the economy (when any remaining unemployment is not related to a lack of consumer demand), many of these countries experienced rates at least double that, with unemployment in the United States peaking at almost 10 percent in 2010. In large countries, unemployment rates of this level meant millions or tens of millions of people being out of work, which led to political pressures to stimulate economies and create jobs. By 2012, many of these countries were seeing declining unemployment rates, however, in France and Italy rates of joblessness continued to increase as the Euro crisis took hold. These countries suffered from having a monetary policy which was too tight for their economies (due to the ECB controlling interest rates) and fiscal policy which was constrained by EU debt rules. Left with the option of deregulating their labor markets and pursuing austerity policies, their unemployment rates remained over 10 percent well into the 2010s. Differences in labor markets The differences in unemployment rates at the peak of the crisis (2009-2010) reflect not only the differences in how economies were affected by the downturn, but also the differing labor market institutions and programs in the various countries. Countries with more 'liberalized' labor markets, such as the United States and United Kingdom experienced sharp jumps in their unemployment rate due to the ease at which employers can lay off workers in these countries. When the crisis subsided in these countries, however, their unemployment rates quickly began to drop below those of the other countries, due to their more dynamic labor markets which make it easier to hire workers when the economy is doing well. On the other hand, countries with more 'coordinated' labor market institutions, such as Germany and Japan, experiences lower rates of unemployment during the crisis, as programs such as short-time work, job sharing, and wage restraint agreements were used to keep workers in their jobs. While these countries are less likely to experience spikes in unemployment during crises, the highly regulated nature of their labor markets mean that they are slower to add jobs during periods of economic prosperity.

{"definition": "Percent of the civilian labor force 16 years and older that are unemployed", "availableYears": "2007", "name": "Unemployment rate, 2007", "units": "Percent", "shortName": "UnempRate2007", "geographicLevel": "County", "dataSources": "Bureau of Labor Statistics, Local Area Unemployment Statistics"}

© UnempRate2007 This layer is sourced from gis.ers.usda.gov.

In 1990, the unemployment rate of the United States stood at 5.6 percent. Since then there have been many significant fluctuations to this number - the 2008 financial crisis left millions of people without work, as did the COVID-19 pandemic. By the end of 2022 and throughout 2023, the unemployment rate came to 3.6 percent, the lowest rate seen for decades. However, 2024 saw an increase up to four percent. For monthly updates on unemployment in the United States visit either the monthly national unemployment rate here, or the monthly state unemployment rate here. Both are seasonally adjusted. UnemploymentUnemployment is defined as a situation when an employed person is laid off, fired or quits his work and is still actively looking for a job. Unemployment can be found even in the healthiest economies, and many economists consider an unemployment rate at or below five percent to mean there is 'full employment' within an economy. If former employed persons go back to school or leave the job to take care of children they are no longer part of the active labor force and therefore not counted among the unemployed. Unemployment can also be the effect of events that are not part of the normal dynamics of an economy. Layoffs can be the result of technological progress, for example when robots replace workers in automobile production. Sometimes unemployment is caused by job outsourcing, due to the fact that employers often search for cheap labor around the globe and not only domestically. In 2022, the tech sector in the U.S. experienced significant lay-offs amid growing economic uncertainty. In the fourth quarter of 2022, more than 70,000 workers were laid off, despite low unemployment nationwide. The unemployment rate in the United States varies from state to state. In 2021, California had the highest number of unemployed persons with 1.38 million out of work.

The unemployment rate in Chile was forecast to decrease between 2024 and 2029 by in total one percentage points. This overall decrease does not happen continuously, notably not in 2029. The rate is estimated to amount to 7.5 percent in 2029. This indicator describes the unemployment rate which can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. The latter defines it as the number of unemployed people divided by the total labour force.Find more key insights for the unemployment rate in countries like Argentina, Uruguay, and Paraguay.

Total unemployment as a percentage of the 15-65-year-old population in 2007 at the level of traffic cells (status 1) (Social Urban Development Monitoring 2008)

Graph and download economic data for Unemployment Rate - 20 Yrs. & over (LNS14000024) from Jan 1948 to Feb 2025 about 20 years +, household survey, unemployment, rate, and USA.

The unemployment rate in Mexico was forecast to continuously increase between 2024 and 2029 by in total 0.7 percentage points. According to this forecast, in 2029, the rate will have increased for the sixth consecutive year to 3.63 percent. This indicator describes the unemployment rate which can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. The latter defines it as the number of unemployed people divided by the total labour force.Find more statistics on other topics about Mexico with key insights such as the current account balance, the general government expenditure, and the annual change in the volume of imports of goods and services.

The unemployment rate in Ecuador was forecast to continuously decrease between 2024 and 2029 by in total 0.7 percentage points. The rate is estimated to amount to 3.5 percent in 2029. This indicator describes the unemployment rate which can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. The latter defines it as the number of unemployed people divided by the total labour force.Find more statistics on other topics about Ecuador with key insights such as the ratio of government revenue to the gross domestic product (GDP), the current account balance as a share of the GDP, and the gross domestic product (GDP) per capita.

Graph and download economic data for Unemployment Level - Native Born, Men (LNU03073414) from Jan 2007 to Feb 2025 about native born, males, 16 years +, household survey, unemployment, and USA.

The unemployment rate in Nicaragua was forecast to continuously decrease between 2024 and 2029 by in total 2.6 percentage points. According to this forecast, in 2029, the rate will have decreased for the eighth consecutive year to 4.15 percent. This indicator describes the unemployment rate which can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. The latter defines it as the number of unemployed people divided by the total labour force.Find more key insights for the unemployment rate in countries like El Salvador, Costa Rica, and Honduras.

Total unemployed as a percentage of 15-65-year-olds in 2007 at the level of traffic cells (status 1) (Monitoring Social Urban Development 2008)

Graph and download economic data for Unemployment Rate - Foreign Born (LNU04073395) from Jan 2007 to Feb 2025 about foreign, 16 years +, household survey, unemployment, rate, and USA.

The percent of persons between the ages of 16 and 64 that are in the labor force (and are looking for work) but are not currently working. Source: American Community Survey Years Available: 2006-2010, 2007-2011, 2008-2012, 2009-2013, 2010-2014, 2011-2015, 2012-2016, 2013-2017, 2014-2018, 2015-2019, 2016-2020, 2017-2021

United States Unemployment Rate: sa: Alaska data was reported at 6.400 % in Oct 2018. This records a decrease from the previous number of 6.500 % for Sep 2018. United States Unemployment Rate: sa: Alaska data is updated monthly, averaging 7.500 % from Jan 1976 (Median) to Oct 2018, with 514 observations. The data reached an all-time high of 11.200 % in Aug 1986 and a record low of 6.300 % in Jun 2007. United States Unemployment Rate: sa: Alaska data remains active status in CEIC and is reported by Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.G058: Unemployment Rate: By State: Seasonally Adjusted.

United States Unemployment Rate: Arizona data was reported at 4.500 % in Oct 2018. This records a decrease from the previous number of 4.900 % for Sep 2018. United States Unemployment Rate: Arizona data is updated monthly, averaging 5.900 % from Jan 1976 (Median) to Oct 2018, with 514 observations. The data reached an all-time high of 11.800 % in Jan 1983 and a record low of 3.400 % in May 2007. United States Unemployment Rate: Arizona data remains active status in CEIC and is reported by Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.G057: Unemployment Rate: By State.

The unemployment rate in Panama was forecast to continuously decrease between 2024 and 2029 by in total 0.7 percentage points. The rate is estimated to amount to 7.7 percent in 2029. This indicator describes the unemployment rate which can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. The latter defines it as the number of unemployed people divided by the total labour force.Find more key insights for the unemployment rate in countries like Honduras, Nicaragua, and El Salvador.

Registered Unemployment Rate: East Germany: Age: between 15 & 20 data was reported at 7.400 % in Dec 2024. This stayed constant from the previous number of 7.400 % for Nov 2024. Registered Unemployment Rate: East Germany: Age: between 15 & 20 data is updated monthly, averaging 6.900 % from May 2007 (Median) to Dec 2024, with 212 observations. The data reached an all-time high of 13.600 % in Aug 2007 and a record low of 5.200 % in Dec 2010. Registered Unemployment Rate: East Germany: Age: between 15 & 20 data remains active status in CEIC and is reported by Federal Employment Agency. The data is categorized under Global Database’s Germany – Table DE.G021: Registered Unemployment Rate.

Youth Unemployment Rate in South Korea increased to 7 percent in February from 6 percent in January of 2025. This dataset provides - South Korea Youth Unemployment Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The unemployment rate in the Republic of Ireland was 3.9 percent in February 2025, compared with 3.9 percent in the previous month. Between 2000 and 2007, Ireland's unemployment rate was broadly stable, fluctuating between 3.9 and 5.4 percent. Following the global financial crisis, however, Ireland's unemployment rate increased dramatically, eventually peaking at 16.1 percent in early 2012. For the next eight years, unemployment gradually fell, eventually reaching pre-crisis levels in the late 2010s. This was, however, followed by an uptick in unemployment due to the COVID-19 pandemic, which peaked at 7.6 percent in March 2021, before falling to pre-pandemic levels by February 2022. Risk and rewards of the Irish economic model After being quite hard hit by the global financial crisis of 2008, Ireland staged a strong recovery in the mid-2010s, and was frequently the EU's fastest growing economy between 2014 and 2022. This growth, was however, fueled in part by multinational companies, such as Apple, basing their European operations in the country. As of 2022, an adjusted measure of gross national income valued Ireland's economy at around 273 billion Euros, rather than the 506 billion Euros GDP figure. Ireland's close economic relationship with American tech companies also leaves it vulnerable to the political weather in the United States. It is currently unclear, for example, what the recent return to power of Donald Trump as President in early 2025 could mean for the Irish economy going forward. Ireland's labor market As of the third quarter of 2024, there were approximately 2.79 million people employed in the Republic of Ireland. Of these workers, 379,200 people worked in Ireland's human health and social work sector, the most of any industry at that time. Other sectors with high employment levels include wholesale and retail trade, at 323,500 people, and education, at 228,200 people. While unemployment still remains quite low, some indicators suggest a moderate loosening of the labor market. Job vacancies, are slightly down from their peak of 35,300 in Q2 2022, amounting to 28,900 in Q3 2024, while youth unemployment has begun to tick upwards, and was 11.9 percent in January 2025.

Unemployment rate, participation rate, and employment rate by educational attainment, gender and age group, annual.