From the course: Economics for Everyone: Job Markets and the Economy
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Global employment and jobs data
From the course: Economics for Everyone: Job Markets and the Economy
Global employment and jobs data
- It might be a small world after all, but the differences in the unemployment rates between countries can be very, very big. In 2019, the unemployment rate in Qatar was 1/10 of 1%. That's 0.1%. And in the first quarter of 2020, the unemployment rate in South Africa was 30.1%, 30 percentage points higher. That's how big a span difference you can see between the unemployment rates in countries. Plus the unemployment rate in countries isn't usually homogenous. That means that different cities and regions can also have very different unemployment rates from the national average. Even though a country might have a very high or a very low unemployment rate, the truth is, is that most countries are not just one thing, and every different region or city can have a very different unemployment rate. And it's true in the United States, just as it's true everywhere else. There are many different reasons why the unemployment…
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