In the last thirty years, in the context of structural changes in the global economy, mental health has become a major public health concern worldwide. Using the National Health Interview Survey (NHIS) data for 2013 and 2014, this article evaluates the relationship between the labor market and psychological well-being in the United States from a gender perspective. More specifically, this article uses a logit regression methodology to estimate the impact of unemployment on the likelihood of developing depression and anxiety for both men and women. The findings of this analysis indicate that unemployment has a similar, negative effect on the mental health of both men and women. This is consistent with the predictions of the dual breadwinner model, on the basis of which both men and women shoulder the financial responsibilities of the household, and is relevant for policy considerations.