Nearly 1 in 3 Unemployed Out of Work More Than a Year

[Donnachaidh]

http://blogs.wsj.com/economics/2011/06/03/nearly-1-in-3-unemployed-out-of-work-more-than-a-year/

Some discouraged workers are re-entering the job market, causing the unemployment rate to rise, but the number of long-term unemployed keeps climbing, highlighting the deep hole caused by the recession.

Even as some people are re-entering the work force, some of the extremely long-term unemployed may be giving up. The number of people unemployed for more than a year dropped a bit last month to 4.006 million from 4.076 million. They now represent 32.6% of the unemployed.

With nearly a third of the unemployed out of work for over a year, it makes their reintegration back into the labor market more and more difficult. People out of a job that long tend to lose skills and experience long-term effects on their lifetime earning power.

The U.S. jobless rate rose to 9.1% in May from 9% a month earlier, but the government’s broader measure of unemployment dropped to 15.8% from 15.9%. The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs.

More at the link --

[OhioChick]

1. Wow.....one in three?

Thanks for posting.