Unemployment is a key economic indicator that shows the number of people who can’t find jobs. At its peak during the 2008-2009 recession, global unemployment reached a record high of more than 200 million people. However, as economies have continued to grow in recent years, unemployment has remained low, at least by historical standards.
When economists talk about “full employment,” they mean a situation where all available workers are employed in jobs that match their skills, abilities and interests. If that’s the case, then fewer workers will be searching for work and the unemployment rate should fall to zero. But in practice, unemployment continues to be a major problem around the world.
Many governments offer a safety net to help those who lose their jobs through unemployment benefits. States have their own rules about how much a person can receive and how long they can receive it. To determine how much a person qualifies for, states typically use a base period, which is usually the first four of the last five calendar quarters. If a person’s earnings in that period aren’t enough to qualify for benefits, they can file for a reconsideration.
The Bureau of Labor Statistics publishes a monthly summary of employment and unemployment figures, along with numerous other details about the economy and job market. These data, particularly the unemployment rate, receive broad coverage in the media. Detailed information is also published in tables online and in various news releases and reports.
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