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In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%. [52] The wider measure of unemployment ("U-6") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009.
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] By August 2023, it reached 3.8 percent.
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. [46] [47] The economic crisis started in the U.S. but spread to the rest of the world. [41]
The economy of New York City encompasses the largest municipal and regional economy in the United States. In 2022, the New York metropolitan area generated a gross metropolitan product (GMP) of US$1.4trillion, [ 3] with a population of 23.6 million people. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the ...
By the end of 2009 the unemployment rate for men was 10.7%, while women's unemployment peaked at 8.4%. This trend of the "mancession" was seen in other countries as well; in 2008 605,000 of the 891,000 who lost their jobs in the United Kingdom were men. The stress of unemployment affects men and women differently.
Staff reports. August 2, 2024 at 3:01 PM. Initial filings for unemployment benefits in New York dropped last week compared with the week prior, the U.S. Department of Labor said Thursday. New ...
The New York Unemployment Insurance Law, enacted in 1935 and codified at Article 18 of the Labor Law, implements US unemployment insurance within New York. As with most states, the maximum period for receiving benefits is 26 full weeks during a one-year period (benefit year). [4]
Although the youth unemployment rate fell below 7% in 2023, according to the U.S. Bureau of Labor Statistics, such lows were “emblematic of how hot the labor market was at that point ...