WAITING FOR ECONOMIC RECOVERY?
Average length of unemployment now at 60-year high
By Zachary Roth | The Lookout –
The average unemployed American has now been out of work for a longer period than at any time since records began being kept more than 60 years ago -- more evidence, as if any were needed, that the jobs crisis is in reality a crisis of long-term unemployment.
The average duration of unemployment rose to 40.5 weeks in September, up from 40.3 weeks in August, according to the Labor Department's monthly jobs report, released Friday morning. That's the longest since the government started tracking the information in 1948, Bureau of Labor Statistics data show.
Being out of work for a long period has several negative effects, analysts say. As President Obama and the Federal Reserve chairman Ben Bernanke have noted, workers' skills tend to atrophy as they lose touch with developments in their field. Older workers become increasingly likely to give up searching for work. With rates of long-term unemployment as high as they are now, the jobless threaten to become a semi-permanent class, exacerbating growing inequality. And that's leaving aside the psychological and emotional toll of going for so long without work -- something Yahoo! readers told us about firsthand this summer.
Other measures of long-term joblessness in the government's report were almost as bleak. The number of Americans who have been out of work for more than 27 weeks -- the official definition of long-term unemployment -- rose to 6.24 million, up from 6.03 million in August. That figure is lower than it was for most of the spring and summer of 2010 -- it reached a high of 6.71 million in May of last year -- but is near its high point for 2011.
The median duration of joblessness also rose last month, to 22.2 weeks, up from 21.8 in August. It's now at its fourth-highest monthly mark ever. The share of the total unemployed population who are considered long-term unemployed -- that is, they've been out of work for at least 27 weeks -- rose last month to 44.6 percent, from 42.9 percent in August.
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