Here in the U.S., we all know that people are unemployed. But do we really know just how many people are unemployed?
If you look at the unemployment rate in the U.S., you'll see that it's going down. Currently in August 2018, it's at 3.9%. Does this sound like a lot? This translates to about 13 million people without a job. However, 3.9% is relatively low compared to the unemployment rate in October 2009, when the unemployment rate jumped to nearly 10%. Now, you may be thinking that that's not a lot. But how does it compare to other countries? Actually, it compares decently.
Germany - 3.5% unemployment rate
Spain - 16.9% unemployment rate
China - 3.95% unemployment rate
India - 3.52% unemployment rate
Canada - 6.98% unemployment rate
The unemployment rate has been dropping since the unemployment spike in 2009, but will it last? The truth is, it probably will keep falling. USA Today says that it could fall to just 3.5% next year as more and more baby-boomers retire. Unfortunately, this fall in unemployment rate is also resulting in labor force participation dropping due to the large number to retirees. Will it ever fall below 3%? This is one question that we're waiting to find out.