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Long-term unemployment is close to a Great Recession record

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  • The January jobs report shows high rates of long-term unemployment, which is a period of joblessness lasting at least six months.
  • This is a financially risky period in which household income may drop, finding a job is harder and future earnings potential typically suffers, according to economists.
  • Almost 40% of jobless workers are long-term unemployed, the Bureau of Labor Statistics reported Friday, nearing the record 46% set following the Great Recession

Long-term unemployment is edging toward a historical peak, almost a year into the pandemic-fueled downturn.

Workers are deemed to be “long-term unemployed” when their jobless spell is longer than six months.

It’s an especially dangerous period of unemployment, according to labor economists.

 

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