Monday, April 14, 2014

Long term unemployment still a very large problem

While the Utah economy has been doing well lately (see here), things aren't anywhere near back to normal. Even though I mentioned the median duration of unemployment here, I didn't know it was so much worse for those 55+.

Here's a time series of the median duration of unemployment split up by gender and age (from here):

So, the median duration of unemployment for workers under 55 years old is ~17 weeks. That's four months! For workers above 55 years old, the median employment duration is about 27 weeks. That's ~6 months! While I don't have much more to add, I post this to note that if there is currently a real crises in the US, its the plight of the long-term unemployed. There are good comments on this here and the original paper is here.

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