Unemployment report shows economy still stuck in low gear(Read article summary)
Unemployment report shows the US economy still stuck in low gear. Today’s numbers show a situation potentially even worse than the early 1980s, considered by some to be the worst period of unemployment behind the Great Depression.
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Today's employment situation report showed that conditions for the long term unemployed generally improved in June but remained epically distressed by historic standards.
Workers unemployed 27 weeks or more declined to 5.370 million or 41.9% of all unemployed workers while the median number of weeks unemployed declined to 19.8 weeks and the average stay on unemployment climbed to 39.9 weeks.
Looking at the chart below you can see that today’s sorry situation far exceeds even the conditions seen during the double-dip recessionary period of the early 1980s, long considered by economists to be the worst period of unemployment since the Great Depression.