Unemployment and Mental Health: An Important Opportunity for Cross-Sector Action
The COVID-19 recession led to an historic spike in unemployment. Joblessness following pandemic shutdowns peaked near 15%, the highest rate since 1948 when modern unemployment rate tracking began. Assertive federal and state action brought the extraordinary spike in joblessness down quickly, but today’s low unemployment is far from assured. High interest rates and inflation, the wars in Ukraine and the Middle East, continuing supply chain disruptions, and other factors inject considerable uncertainty into job markets. Furthermore, periods of high and sustained unemployment are cyclical and inevitable given that recessions occur in the United States on average almost twice per decade. Below the headline unemployment rate, recessions magnify deep disparities.