Reply #86: Why the job market is worse than you think [View All]

[Ghost Dog]

DU thread: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3164135

The number of long-term unemployed stood at a seasonally-adjusted 1.3 million in December, up about 22 percent from year-earlier levels. The full-year average for 2007 was 1.2 million long-term unemployed, nearly double the reading for 2000 -- just before the last recession.

For all of 2007, about 17.6% of those who were unemployed had been out of work six months or more. That compares to only 11.4% who were long-term unemployed in 2000.

"You have to understand that 5% unemployment today is worse than 5% unemployment 10-15 years ago," said Jason Furman, senior fellow, Brookings Institution.

/... http://money.cnn.com/2008/01/31/news/economy/longterm_unemployment/index.htm?postversion=2008013115