Dramatic Surge in Percentage of Long-Term Unemployment

Mish

The percentage of those unemployed 27 weeks or longer skyrockets.

Of Those Unemployed, Percent Unemployed by Duration

Of those Unemployed Percent 2020-10B

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

of those unemployed average 2020-10

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.

Mish

Comments (49)
No. 1-12
Casual_Observer
Casual_Observer

Covid is only getting started. It has only been 8 months.

numike
numike

"Have you been denied disability? Call our law offices to get everything your rightly deserve!" Call 1-800-2be-abum

numike
numike

wait was that socialism?? Lets ask the smart gentry persons here for a ruling....

Jackula
Jackula

To tag onto Casual_Observer: We now have the cluster 5 mutation of Covid from Denmark mink farms. This variant has significant changes in the spike proteins and vaccines/antibodies for/from the D614g mutation of Covid may not be effective. Sucky if that is actually the case. The Danes are not even trying to eradicate it yet.

Dodge Demon
Dodge Demon

The Fed should print $3500/month to give to each person not to file for unemployment. Problem solved.

Realist
Realist

Unemployment is going to remain high until your new President implements a plan to finally take on the pandemic, rather than ignoring it.

The pandemic numbers just keep getting worse.

From worldometer: US new cases:deaths

Nov 1 S 71,321:399

Nov 2 M 88,905:522

Nov 3 T 94,463:1199

Nov 4 W 108,352:1200

Nov 5 T 118,204:1125

Nov 6 F 121,101:1148 (so far today)

Anda
Anda

'The great oppression' (or suppression) is better suited as title to these times.

Six000mileyear
Six000mileyear

The long term chart clearly shows the systemic destruction by the Federal Reserve and fiat currency on employment. No major employment recovery had less unemployment than the previous bottom. Obama's recovery never even saw unemployment drop below ANY previous peak, so he gets a free pass.

I'll bet an exponential curve fits better than a linear one, and that ain't good.

Eddie_T
Eddie_T

I had the day off....spent some time reading and watching vids of some of my favorite pundits.....one person I like to listen to is fellow Austinite Peter Zeihan, who seems to be in great demand as a speaker these days, just about everywhere. He used to work for Stratfor, which is based here, but now has his own consulting business.

He has some videos he made a couple of weeks ago about the progress on vaccines for COVID...he has a best case of people being able to get a vaccination in maybe April 2021.....and a worst case of it being sometime in 2023. He doesn’t see business going back in a big before the last quarter of 2021.

My worst case is worse than his worst case...which is that NO effective vaccine is developed at all, or that the virus keeps mutating fast enough to make the vaccines obsolete before they’re on the market. In that case we just find out how good herd immunity to COVID really is....after it makes its way through most of us. My guess, not nearly as good as it’s cracked up to be,

I’ll link to one of the videos.....the rest are up on his Utube channel. I’d put this on Community, but it still seems to be down.

Eddie_T
Eddie_T

Still no edit. Excuse my bad typing.

njbr
njbr

Shall we talk Swedish again...

Sweden Fights ‘Very Serious’ Covid Resurgence With New Curbs

Swedes face a new wave of restrictions after daily coronavirus cases hit a record, with the government warning of a grim winter ahead.

Prime Minister Stefan Lofven, speaking to reporters on Tuesday, said his country is now facing a “very serious situation” that requires tougher measures if the virus is to be fought back.

The resurgence of Covid-19 across Europe has caught the region off guard after a summer that left many countries assuming they’d brought the virus under control. But as citizens grew complacent and temperatures dropped, the pandemic has returned with a vengeance.

Lofven warned that the latest development is putting Sweden’s health-care system under pressure, as more intensive care beds get filled.


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