Friday, August 02, 2013

Recovery-less Recovery: Unemployment Duration July 2013

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

Workers unemployed 27 weeks or more declined to 4.246 million or 37.0% of all unemployed workers while the median term of unemployment declined to 15.7 weeks and the average stay on unemployment increased to 36.6 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.