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The unemployment level increased to 10.8%, employment declined by 3.4% and the GDP also decreased as much as 1.7%. Inflation, however, was successfully reduced. Australia next went into recession in March 2020, due to the impact of huge bush fires and the COVID-19 pandemic's effect on tourism and other important aspects of the economy. [ 177 ]
Being without a job is stressful by itself, and there are plenty of things that make it more stressful than it should be -- such as someone trying to jump the line at the unemployment office, as ...
The unemployment rates within this group varied: young men faced a 10.1% unemployment rate, while young women had a slightly lower rate of 9.1%. In terms of ethnicity, the unemployment rate for young whites was 8.0%, for young blacks it was 16.2%, for young Asians it was 9.9%, and for young Hispanics, it was 10.1%. [92]
Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). [3] Unemployment can have many sources, such as the following: the status of the economy, which can be influenced by a recession
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.
In June 2013, 11.8 million persons were unemployed, putting the unemployment rate at 7.6 percent. The state of the economy is a large contributor to these numbers. In June, 2001 the unemployment rate was 4.6% [10] After 9/11/2001, the unemployment rate skyrocketed to 5.7% in November 2001 [11] and rose drastically in 2009 to 10% in October. [12]
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A 13-month extension of federal unemployment benefits. [2] [9] The cost of this measure was estimated at $56 billion. [7] A temporary, one-year reduction in the FICA payroll tax. The normal employee rate of 6.2 percent is reduced to 4.2 percent. The rate for self-employed individuals is reduced from 12.4 percent to 10.4 percent. [9]
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