10 Facts About The Growing Unemployment Crisis In …
One of the most pressing issues faced by Canada today is unemployment
In Britain in the mid-19th century the economy boomed and unemployment was low. However unemployment rose in the late 19th century. It is not certain how much of the workforce was unemployed at that time but it was a significant problem. There was also employment when some men were not able to work a full week. On 13 November 1887 the unemployed held a mass demonstration in Trafalgar Square in London. Troops were sent in to clear the square and in the ensuing violence one man died. The event became known as Bloody Sunday.
The Shame of America's Long-Term Unemployment Crisis
In the USA unemployment was also very high during the 1930s. From mid-September prices fell. On 24 October 1929, known as Black Thursday, panic selling began on Wall Street and prices fell catastrophically, an event known as the Wall Street Crash. Business confidence disappeared, banks failed and industry slumped. By 1932 industrial production in the USA had fallen by half and exports fell to one third of their 1929 level. Unemployment went through the roof. By 1932 about one quarter of the work force was unemployed. When people lost their jobs they could no longer buy goods and demand fell so people lost their jobs. There had been economic slumps in America before but his one was more severe than anything previously experienced. It was known as the Depression.
Global Financial Crisis — Global Issues
Meanwhile in the 2010s a crisis in the euro currency caused massive unemployment in southern Europe. In unemployment reached 15% in 2012. However it fell to 10.5% at the end of 2016. In Spain unemployment was even worse, reaching 25% in 2012. However by the end of 2016 it had fallen to 18.6%. In Greece unemployment also rose to 25% in 2012. It was still very high at the beginning of 2017 at 18.5%.