Record Breaker: Long-Term Unemployment Over 40%

Not only are jobs being destroyed in America on a daily basis, but once those jobs are lost it is becoming harder and harder to create new ones. The official unemployment rate hovers around 8%, but it doesn’t tell the whole story.

If you lose your job, you’re going to be waiting a long, long time before you find a new one. So says a new report from the Bureau of Labor and Statistics:

The long-term unemployment rate rose to 40.6 percent in October, up from September’s level of 40.1 percent of the total unemployed, according to a report from the Bureau of Labor Statistics Friday.

Long-term unemployment is unemployment lasting for 27 consecutive weeks or longer, according to BLS.

The government reported that just over 5 million people were unemployed for more than six months – 27 weeks – rising from September’s level of 4.8 million.

Those official numbers are, of course, padded. Calculating unemployment in the same manner it was done prior to 1994, we’d have official unemployment statistics of closer to 22% as outlined by economist John Williams.

These are massive numbers that affect tens of millions of Americans who are, by all reasonable assessments, living in a modern day depression.

Jobs are being lost daily. They are not coming back.

Bottom line: there can be no recovery until people get back to work, and this isn’t going to happen anytime soon.

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