No, I mean like 22,000,000 lost jobs. You may complain that Trump didn't cause Covid, (true, Trump only botched our response to it) but Biden was still left with the continuing aftermath.
As I said elsewhere, I still think Biden is a mediocre president, but we have historically low unemployment - 3.4%; the lowest in 54 years - as well as more people employed now than before the pandemic.
@ElwoodBlues The Labor Department reported the unemployment rate in May 1969 held steady from April at 3.5 percent; the May jobless rate was later adjusted to 3.4 percent.
US & WORLD ECONOMIES US ECONOMY UNEMPLOYMENT Historical US Unemployment Rate by Year Compare unemployment to inflation and GDP since 1929 By Kimberly Amadeo Updated on December 6, 2022 Reviewed by Erika Rasure Fact checked by Taylor Tompkins In This Article In This Article How Unemployment Tracks Recessions How the US Fights High Unemployment US Unemployment Rates by Year Frequently Asked Questions (FAQs) PHOTO: THE BALANCE / JULIE BANG Since, 1929, the U.S. unemployment rate has fluctuated in response to historical events, economic happenings, and policies.
Unemployment typically rises during recessions and falls during periods of economic prosperity. The rate declined during several U.S. wars, particularly during World War II.1 The unemployment rate rose during the recessions that followed those wars.
Key Takeaways The unemployment rate is the percentage of workers who do not have a job but are a part of the labor force. It has historically been impacted by economic events and policies. Since 1929, wars, recessions, and a global pandemic have driven unemployment up. At other times, the health of the U.S. economy has sent unemployment to record heights. When looking at the unemployment rate by year, you can see how it compares to GDP and inflation at the time. Here's how the unemployment rate has changed throughout history and how it has compared to gross domestic product (GDP) and inflation.
How Unemployment Tracks Recessions The unemployment rate is the percentage of unemployed workers in the labor force. It's a key indicator of the health of the country's economy.
Unemployment tracks the business cycle. Recessions are part of that cycle and can cause high unemployment.
Businesses often lay off workers and, without an income, those jobless workers have less money to spend. Lower consumer spending reduces business revenue, which forces companies to cut more payroll. This downward cycle can be devastating to individuals and the economy.
The highest rate of U.S. unemployment was 24.7% in 1933, during the Great Depression. Unemployment remained above 14% from 1931 to 1940.1 It remained in the single digits until September 1982 when it reached 10.1%.
Note If you’re looking for work after a recession, you’ll likely find the going is still tough. It might take several months before the unemployment rate falls.
During the Great Recession, unemployment reached 10% in October 2009. In 2020, it reached double digits again (14.7%) in April when the U.S. was dealing with a pandemic and recession.2
How the US Fights High Unemployment The Federal Reserve uses expansionary monetary policy to lower interest rates.3 Congress uses fiscal policy to cr-eate jobs and provide extended unemployment benefits.
The unemployment rate typically falls during the expansion phase of the business cycle. The lowest unemployment rate in modern history was 1.2% in 1944.4
Note It may seem counterintuitive to think unemployment can get too low, but it can.
The Federal Reserve does not target specific figures for the natural rate of unemployment, but simply seeks "the maximum level of employment" as part of its long-term financial policy goals.5
The unemployment rate is a lagging indicator. When an economy begins to improve after a recession, for example, the unemployment rate may continue to worsen for some time. Many companies hesitate to hire workers until they regain confidence in the recovery, and it may take several quarters of economic improvement before they feel confident that the recovery is real.
US Unemployment Rates by Year The U.S. Bureau of Labor Statistics (BLS) has measured unemployment since the stock market crash of 1929.
Gross domestic product (GDP) is the measure of economic output by a country. When the unemployment rate is high, there are fewer workers. That could lead to less economic output and a lower rate of GDP.
When inflation rises, the prices of goods and services go up, making them more expensive. If there is a high rate of unemployment at the same time, this could cause issues for those without an income since they may be struggling to afford basic necessities.
The following table shows how unemployment, GDP, and inflation have changed by year since 1929. Unless otherwise stated, the unemployment rate is for December of that year. Unemployment rates for the years 1929 through 1947 were calculated from a different BLS source due to current BLS data only going back to 1948.21 GDP is the annual rate and inflation is for December of that year and is the year-over-year rate.67
