As of January of this year, the global unemployment rate was about 7%, meaning that roughly 225 million people are currently unemployed. In the US, the November unemployment rate was 8.6%, or 13.3 million people.
13.3 million in November.
There are also varying degrees of unemployment which change the actual statistics. In general the US labor force consists of employed and unemployed, with the latter constituting a percent of the labor force as the actual unemployment rate. While children under 14, persons above 65, students, prisoners and other persons do not make up the labor force, there is such a person called the discouraged worker. These people after long term unemployment refuse to seek work, effectively removing them from the labor force and ultimately raising the unemployment rate. While the unemployment currently stands at 8.6% for November 2011, it is useful to understand who represents the unemployed and who are not part of the labor force.
Unemployment right now is especially bad in younger age groups. Teenagers face unemployment rates of about 25%, while college students are facing record unemployment rates as well, many taking away the part-time, retail, and food-industry jobs that teenages would be taking. The average 2011 college graduate has over $27,000 in debt, and it is estimated that over half are unemployed, working part-time, or working at a job below their education level. It is estimated that 85% of the 2011 graduating college class will be moving back home with their parents due to the inability to find good jobs. Umemployment for this age group may be as high as 54%.
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