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The unemployment rate (U-3), measured as the number of persons unemployed divided by the civilian labor force, rose from 5.0% in December 2007 to peak at 10.0% in October 2009, before steadily falling to 4.7% by December 2016 and then to 3.5% by December 2019. [40]
Average weekly wage method: benefits determined by average weekly wages; In general, southern states have the lowest level of unemployment benefits (with Mississippi at $235.00), and Northeastern states have the highest benefit levels (with Massachusetts at $939.00). [159]
The U.S. unemployment rate hit a 50-year low (3.5%) in February 2020, but just two months later hit a 90-year high (14.8%), matching Great Depression levels, due to the severe impact of the COVID-19 pandemic. [211] [217] Unemployment thereafter declined from the peak, and was 6.3% at the end of Trump's term. [211]
[115] [116] The unemployment rate reached a peak in October 2009 at 10.0%. [117] However, the economy added non-farm jobs for a record 75 straight months between October 2010 and December 2016, and the unemployment rate fell to 4.7% in December 2016. [ 118 ]
For individuals who decide to accept benefits before their retirement age, $1 in benefits is deducted for each $2 that is earned above the annual limit ($16,920 for 2017). In the year of an individual's full retirement age, up until the precise month of full retirement, $1 of benefits is deducted for every $3 that is earned over the annual ...
The amount set is a minimum wage, so it can be exceeded by a collective agreement or individual agreement with the company. The revision of the SMI does not affect the structure or amount of professional salaries being paid to workers when they are superior to the established minimum wage. Finally, the amount of the SMI is non-seizable.
The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. [40] [41] The economic crisis started in the U.S. but spread to the rest of the world. [35]
The calculation for the output gap is (Y–Y*)/Y* where Y is actual output and Y* is potential output. If this calculation yields a positive number it is called an inflationary gap and indicates the growth of aggregate demand is outpacing the growth of aggregate supply—possibly creating inflation; if the calculation yields a negative number it is called a recessionary gap—possibly ...