People Staying Unemployed Longer

The following chart from the St. Louis Fed shows that people are staying unemployed much longer than they have in any previous economic downturn since 1950:

(click for full chart)

As the As the Washington Post recently noted:

Another disturbing development was that the number of people out of work for 27 weeks or longer reached a record 5 million, accounting for a third of the unemployed. That suggests to some economists that those job losses were caused by structural changes in the economy and that many of those people won’t be called back to work once the economy picks up. The longer people are out of work, the harder it becomes for them to find jobs and the more likely they are to exhaust savings or lose their homes to foreclosure.

And see this.

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  • absolutely accurate.i have been unemployed for four ( 4 ) years now after being laid off in 2005 at the age of was a death sentence for this liberal arts grad without a skill set in demand.i am really really fucked.i expect to committ suicide after the summer is over – i just fucking hate winter and the shortened hours of sunlight. so will see summer and fall off and then lay my head on the RR tracks.nobody is hiring and nobody is hiring anybody over the age of 30 unless they are in health care or an engineer.