Saturday, September 04, 2010

Duration of Unemployment

by Bill McBride on 9/04/2010 08:56:00 AM

An update by request ...

Unemployment Duration 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 August 2010, the number of unemployed for 27 weeks or more declined significantly to 6.249 million (seasonally adjusted) from 6.752 million in July. It appears the number of long term unemployed has peaked, but it is still very difficult for these people to find a job - and this is a very serious employment issue.

The 5 to 14 week category increased sharply in August and is now at the highest level since October 2009 - and that is concerning.

Note: Even though these numbers are all seasonally adjusted, they can't be added together to calculate the unemployment rate.

Percent Job Losses During Recessions And a repeat of a popular graph ...

The second graph shows the job losses from the start of the employment recession, in percentage terms (as opposed to the number of jobs lost).

Best to all

Employment posts yesterday (with many graphs):

  • August Employment Report: 60K Jobs ex-Census, 9.6% Unemployment Rate

  • Employment-Population Ratio, Part Time Workers, Unemployed over 26 Weeks

  • Employment Diffusion Indices