Number of long-term unemployed hits highest rate since 1948

http://www.csmonitor.com/USA/2010/0108/Number-of-long-term-unemployed-hits-highest-rate-since-1948

By Ron Scherer Staff writer / January 8, 2010

On Friday, in the December unemployment report, the Bureau of Labor Statistics said the number of people out of work for 27 weeks or more hit 6.1 million Americans, or 40 percent of all 15.3 million jobless. This is the most since 1948, when the data was first recorded, according to the Department of Labor. On average, it now takes 20.5 weeks to find a new job – double the amount of time in the 1982-83 recession.

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The long-term unemployed also have another problem: explaining to an employer why they have been out of work for so long, says Mr. Challenger.

“Potential employers wonder why didn’t someone hire this person,” says Challenger. “As the economy recovers and someone who has been out of work for 45 days is competing against someone out of work for nine months, companies tend to take the person who is newly minted.”

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