by Bill McBride on 7/03/2010 01:25:00 PM
Saturday, July 03, 2010
An update by request ...
Click on graph for larger image.
This graph shows the duration of unemployment as a percent of the civilian labor force. The graph shows the number of unemployed in four categories: less than 5 week, 6 to 14 weeks, 15 to 26 weeks, and 27 weeks or more.
Note: The BLS reports 15+ weeks, so the 15 to 26 weeks number was calculated.
In June 2010, the number of unemployed for 27 weeks or more declined slightly to 6.751 million (seasonally adjusted) from a record 6.763 million in May. Because the civilian labor force declined sharply, the percent of long term unemployed set a new record in June (4.39% of civilian labor force).
It is possible that the number of long term unemployed might has peaked, but it is still very difficult for these people to find a job - and this is a very serious employment issue.
All categories of unemployment duration increased in June as a percent of civilian unemployment.
Note: Even though these numbers are all seasonally adjusted, they can't be added together to calculate the unemployment rate.