Friday, August 12, 2011

Chart of the Week: High unemployment is due to the long-term unemployed

Credit: JaredBernsteinBlog, BLS data
An interesting graph from Jared Bernstein, prominent economist, former Obama Administration official (and not such a great speller [see y-axis]). What is distressing, of course, is the red lump of previously unemployed workers; if they're not hired quickly (which most of them are not), the likelihood of them finding positions after six months of unemployment is not high. Bernstein suggests a tax credit for hiring the unemployed and also an extension in unemployment insurance; if it happens, hope it helps.

Best wishes to all of us.

1 comment:

  1. Well, that's hardly a news - they've been saying this for a while now - if you are out of workforce, and can't find a new job within a few months - you are done. Economy shed 5% of workers and it won't be needing them again, 9% is now a base rate, and will be so until they raise Social Security age to 67, at which point it will probably go another few percent up.