Long-term unemployment at post-pandemic high, straining workers and economy
Economy And Jobs,Unemployment,Pandemic,Coronavirus
More Americans are facing stretches of unemployment of six months or more, a worrisome sign for the U.S. economy.
More than 1 in 4 workers without jobs have been unemployed for at least half a year, new data shows. That number is a post-pandemic high and a level typically only seen during periods of economic turmoil.
In all, more than 1.9 million Americans had been unemployed “long term” in August, meaning they have been out of work for 27 weeks or more, a critical cliff when it comes to finding a job. That’s nearly double the 1 million people who were in a similar position in early 2023.
“We have a low-hire, low-fire environment — and that stagnancy means there aren’t a lot of new positions for people to move into,” said Laura Ullrich, director of economic research at the jobs site Indeed...
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