Friday, November 05, 2010

Recovery-less Recovery: Unemployment Duration October 2010

Be sure to bookmark the "Scary Unemployment Dashboard"... it's live.

Today's employment situation report showed that conditions for the long term unemployed weakened slightly in October while remaining epically distressed by historic standards.

Workers unemployed 27 weeks or more increase to 6.206 million or 41.8% of all unemployed workers while the median number of weeks unemployed increased to 21.20 weeks and the average stay on unemployment increased to 33.9 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.