But this isn’t just an American problem.
Global economic growth is on the rebound but the labour market continues to disappoint with 205 million people unemployed in 2010, according to a UN report. The number is not expected to improve much this year.
labour markets in Europe, Africa and South America are struggling to recover from the crisis that hit them in 2008. Europe’s young people under 25 are facing an especially difficult situation. The youth unemployment rate is now at a record level of 21%.
Unemployment rate: 17.8%
Lithuania has been behind Estonia and Latvia in terms of economic growth since 2008.
To combat the credit crisis it imposed higher corporate taxes which led to more companies shutting down.
Unemployment rate: 13.8%
Though it was once the darling of the EU, Ireland is now one of its biggest problems due to its real estate bubble the resulted in a banking sector collapse.
Prior to the financial crisis, Ireland's unemployment rate was around 4.4% and while it is now close to 14%, it is unlikely to pass that height because of an increase in people leaving the country.
Unemployment rate: 12.4%
Its been a rough year for Greece. The country has officially become the poster child for financial collapse.
About 192,000 people have lost their jobs since October 2009.
The economy shrank by 4.2% in 2010 with construction, retail and tourism sectors taking the biggest hits.
Unemployment is expected to increase into 2012 and then finally decrease by 2013.
Unemployment rate: 12.3%
The country has basically had problems getting the jobless rate in control since it moved on from communism 20 years ago.
Youth, women and the long-term unemployed have struggled to find jobs.
However, retail sales are on the rise with September 2010 sales up by 8.6% year-over-year.
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