Post by ck4829 on Dec 28, 2016 14:08:01 GMT
The unemployment rate didn't budge in August, according to this morning's jobs report. Net job growth was zero.
Also basically unchanged: The number of people who have been out of work and looking for a job for six months or more.
More than 6 million Americans are now among the long-term unemployed, up from about 1 million before the recession. The long-term unemployment rate is far higher than it's been at any time since before War II.
That's very bad news not just for the unemployed, but for the long-term health of the U.S. economy.
The longer people are unemployed, the less likely they are to find a new job.
This is partly due to the fact that the most employable people — those whose skills are in highest demand — get snapped up right away.
But there are also more insidious forces at work. As Ben Bernanke recently pointed out, the skills of unemployed workers erode, making it harder for them to find a new job. Employers may be wary of hiring someone who has been out of work for a long time. And after months of searching, the unemployed tend to spend less time looking for work.
www.npr.org/sections/money/2011/09/01/140122883/when-the-unemployed-become-effectively-unemployable
Also basically unchanged: The number of people who have been out of work and looking for a job for six months or more.
More than 6 million Americans are now among the long-term unemployed, up from about 1 million before the recession. The long-term unemployment rate is far higher than it's been at any time since before War II.
That's very bad news not just for the unemployed, but for the long-term health of the U.S. economy.
The longer people are unemployed, the less likely they are to find a new job.
This is partly due to the fact that the most employable people — those whose skills are in highest demand — get snapped up right away.
But there are also more insidious forces at work. As Ben Bernanke recently pointed out, the skills of unemployed workers erode, making it harder for them to find a new job. Employers may be wary of hiring someone who has been out of work for a long time. And after months of searching, the unemployed tend to spend less time looking for work.
www.npr.org/sections/money/2011/09/01/140122883/when-the-unemployed-become-effectively-unemployable