Friday, June 15, 2012

Jobs for the Long-Term Unemployed: Chances are 1 in 10

An article from CNNMoney this week paints a stark picture of employment prospects for the long-term unemployed. Analysis from economists at the San Francisco Federal Reserve shows that in the first few weeks after losing a job, about three of every ten unemployed persons in the U.S. find work again. After being out of work for one year though, the chances of gaining employment drop to just one in ten per month.

Although long-term unemployment has dropped from the peak last year, the levels are still far above normal. Nationally, 43 percent of the unemployed have been seeking employment for six months or more. In Oregon, two out of every five unemployed persons had been jobless for at least six months in May. That's roughly the same as the share of all unemployed Oregonians who were among the long-term jobless in 2011. By comparison, 12 percent of all unemployed Oregonians were out of work for six months or more in 2007.

The chances of finding a job for those who've been unemployed for 18 months or more isn't much lower than for those who are jobless between six and 18 months. CNNMoney notes that "the fact that those out of work for more than a year don't see a big drop in re-employment chances mean that the problem is cyclical".

You can find more details in the full article.

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