The brief article from Market Watch basically states that although the long-term unemployed (27 weeks or more) are declining they still make up just over 1/3 (35.3% in April and 34.6% in May) of the unemployed. Just in case you were wondering why everyone is talking about a recovery, but GDP growth seems so anemic. Without a jobs recovery strong economic growth is tough.
Other sources of job information:
What Janet Yellen sees in her employment dashboard.
After a flurry of ecstatic headlines over Friday's Job report, here’s one sobering statistic: the long-term jobless continue to make up more than one-third of total unemployment.
People out of work for at least 27 weeks lose hope and job-ready skills. Their families face growing financial distress. And employers often look past their resumes.
The 3.45 MM jobless workers in April who had been looking for a new spot for at least 27 weeks made up about 35.3% of total unemployed, a “disturbingly high” rate, said Gregory Daco, lead U.S. economist at Oxford Economics.
And while that share is down from 37.4% a year ago, it’s more than twice a rate of 17.4% when the recession started at the end of 2007, according to the U.S. Labor Department data.
. . . . “Fed Chair Yellen’s dashboard still suggests there is a substantial amount of slack in the labor market. We think the Fed has ample room to pursue accommodative policy and expect patience on rates,”
BNP Paribas analysts wrote in a research note.