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U.S. Unemployment Now as High as Europe

Author

Listed:
  • John Schmitt
  • Hye Jin Rho
  • Shawn Fremstad

Abstract

From the early 1990s through the peak of the last business cycle, relatively low U.S. unemployment rates seemed to make the United States a model for the rest of the world’s economies. The Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), and other international organizations all praised the U.S. unemployment performance and urged the rest of the world’s rich countries to emulate the "flexibility" of the U.S. model. However, this report shows that in the current economic crisis, the U.S. unemployment rate ranks 4th to last among the major OECD countries.

Suggested Citation

  • John Schmitt & Hye Jin Rho & Shawn Fremstad, 2009. "U.S. Unemployment Now as High as Europe," CEPR Reports and Issue Briefs 2009-20, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2009-20
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    File URL: http://www.cepr.net/documents/publications/US-EU-UR-2009-05.pdf
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    More about this item

    Keywords

    unemployment; unemployment rate; Europe; United States;
    All these keywords.

    JEL classification:

    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • E - Macroeconomics and Monetary Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J - Labor and Demographic Economics
    • J1 - Labor and Demographic Economics - - Demographic Economics
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts

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