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Unemployment rose to double digits for the first time since 1941 in September 1982, and stood at a postwar high of 10.8% by the end of the year. [11] The total increase in unemployment was 3.6%, which was less than the 1973–75 recession increase of 3.8%, yet still higher than the 2.9% average
Other data series are available back to 1912. The unemployment rate has varied from as low as 1% during World War I to as high as 25% during the Great Depression. More recently, it reached notable peaks of 10.8% in November 1982 and 14.7% in April 2020. Unemployment tends to rise during recessions and fall during expansions.
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [2] [1] [3] Long-term effects of the early 1980s recession contributed to the Latin American debt crisis, long-lasting slowdowns in the Caribbean and Sub-Saharan African countries, [3] the US savings and loan crisis, and a general adoption of neoliberal ...
The Rust Belt is highlighted on the above map in red. US unemployment rate, 1973–1993. By early 1982, Reagan's economic program was beset with difficulties as the recession that had begun in 1979 continued. In the short term, the effect of Reaganomics was a soaring budget deficit.
November – The unemployment rate peaks at 10.8%. November 2 – United States elections, 1982. The Republican Party loses 27 seats to the majority Democratic Party in the House. November 3 – The Dow Jones Industrial Average surges 43.41 points, or 4.25%, to close at 1,065.49, its first all-time high in more than 9 years. It last hit a ...
The COVID-19 pandemic has brought initial unemployment claims to 38.6 million in just nine weeks, according to the latest data from the U.S. Department of Labor — shattering historic highs ...
Statistics for the US economy as a whole hide variations among groups. For example, in January 2008, the US unemployment rates were 4.4% for adult men, 4.2% for adult women, 4.4% for Caucasians, 6.3% for Hispanics or Latinos (all races), 9.2% for African Americans, 3.2% for Asian Americans, and 18.0% for teenagers. [54]
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