Since late in 2007, people across the globe have been coping with an economic downturn that’s led to decreased house values, falling stock prices and higher unemployment rates. The financial crisis has impacted people across the world in different ways.
In the United States, unemployment has been especially troublesome. And a new report from the University of New Hampshire’s Carsey Institute details exactly who has been hit the hardest.
Although all groups of Americans have experienced rising unemployment, increases have been significantly larger for men, young adults, the least educated, and single parents.
The report shows that unemployment has rose more in central cities and suburban places than in rural places, most likely because rural unemployment was already high prior to the start of the recession.
Rural areas have continued to suffer from the highest unemployment rates for unmarried people. Single fathers in rural areas registered the single largest increase in unemployment throughout the recession, rising almost 11 percentage points to 23 percent in 2010.
Young adults who finished high school since 2007 have been some of the hardest hit.
“This is particularly disturbing in that not only are these youths losing income in the short term, but may also suffer from long-term ‘scarring’ in terms of lost wages,” the report says. “In most cases, unemployment was high among the young and less-educated groups in 2007, only to increase rapidly by 2010.”
The report used data from the Annual Social and Economic Supplement of the Current Population Survey, a monthly survey of about 50,000 households conducted by the Bureau of the Census for the U.S. Bureau of Labor Statistics.