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  • Friday, May 27, 2005

    Long-term joblessness on the rise in U.S.

    From the Economic Policy Institute: LONG-TERM JOBLESSNESS GROWS DESPITE LOWER UNEMPLOYMENT RATES

    Three and a half years into this recovery, one in five unemployed Americans has been out of work for six months or more – marking the first time ever that so many jobless have been out of work for so long while the unemployment rate is relatively low and falling, according to a report from the Economic Policy Institute (EPI) and the National Employment Law Project (NELP).

    [T]his current trend of long-term joblessness – where people have been out of work 27 or more weeks –is not only worse than previous economic cycles, but more widespread among American families...

    ...

    The share of long-term unemployed reached 20% in October 2002—11 months into recovery. But that share has stayed above 20% ever since—31 consecutive months and still counting—creating an unprecedented streak even when the unemployment rate varied between 5.2% and 6.3%, relatively low figures that belie the labor market’s persistent weakness. In comparison, the share of long-term unemployed averaged just 12.3% for all months since January 1948 with similar unemployment levels.

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