Defined by the Bureau of Labor Statistics as labor force participants who have been out of work for twenty-seven weeks (six months) or more, long-term unemployment
is both a symptom and a sickness. As a symptom, it indicates economic
anemia caused by weak demand and structural unemployment, which usually
comes in the wake of an economic shock like the financial crisis. As a
sickness, it can ruin the career or lives of those affected, destroying
not just savings but also reducing a person’s likelihood of being hired
and reducing earnings potential for many years.
Because of this, excessive
long-term unemployment is one of those outrageous economic problems that
demands action. The longer the long-term unemployment rate remains
high, the more damage prolonged joblessness inflicts on individuals,
families, and the economy at large. And if you haven’t caught the memo
yet, the United States is sick. In July 2014, 3.2 million Americans
accounting for 32.9 percent of the total unemployed had been looking for
work without success for more than six months. Granted, this is down
dramatically from post-crisis highs in 2010, but it is still well above
even the highest peaks previously recorded.
1 comment:
It’s a pity but today most people are unemployed. People who wanted better job have nothing today. The wages are low and people have to take poor credit loans. These loans can’t save the economy of the country but it help people to buy necessary things. The government has to pay attention on problem with jobs because people are really poor.
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