Friday, March 08, 2013

Recovery-less Recovery: Unemployment Duration February 2013

Today's employment situation report showed that conditions for the long term unemployed worsened notably in February while still remaining distressed by historic standards.

Workers unemployed 27 weeks or more increased to 4.797 million or 40.2% of all unemployed workers while the median term of unemployment increased to 17.8 weeks and the average stay on unemployment increased to 36.9 weeks.

Looking at the charts below (click for super interactive versions) you can see that today’s sorry situation far exceeds even the conditions seen during the double-dip recessionary period of the early 1980s, long considered by economists to be the worst period of unemployment since the Great Depression.