Dramatic Surge in Percentage of Long-Term Unemployment
Of Those Unemployed, Percent Unemployed by Duration
We are nowhere close to the percentages reached in the Great Recession, but this recession is not yet a year old.
Unemployment Rate Plunges as BLS Reports 2.2 Million People Find Work
Earlier today I commented Unemployment Rate Plunges as BLS Reports 2.2 Million People Find Work
Although the rate has plunged the unemployment level is 11,061,000.
32.5% of them have been unemployed for 27 weeks or longer.
Roughly 3.6 million people are long-term unemployed, and the percentage goes up every week.
Average Weeks Unemployed
The average number of week has surged to 21.2% and will keep rising.
The plunge is artificial. It is due to the massive number of people who lost their jobs all at once thereby lowering the average number of week.