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Analysis: The U.S. long-term unemployment rate is rapidly surging, surpassing all economic recessions outside of 2020 and 2008.
BlockBeats News, September 8th, TheKobeissiLetter released data analysis indicating that the U.S. long-term unemployment rate is skyrocketing at an alarming rate: in August, the number of long-term unemployed in the U.S. surged to 1.94 million, the highest level since November 2021. Since December 2022, the number of Americans unemployed for 27 weeks or more has more than doubled, with the proportion of individuals unemployed for over 27 weeks rising to 26.3%, the highest level since February 2022. The number of long-term unemployed in the U.S. has increased by nearly 10 percentage points in just 20 months, a rate that is now higher than in all previous economic recessions except in 2020 and 2008, undoubtedly indicating a deterioration in the U.S. job market.
Over the past four months, excluding the healthcare sector, the U.S. has lost 142,200 jobs, the highest number since 2020. U.S. non-farm employment excluding healthcare decreased by -53,000 in May, -71,800 in June, and -24,800 in August. In the past 25 years, such a rapid decline following several years of growth has always coincided with the beginning of an economic recession. Employment in the remaining private sector has also shrunk, painting a much weaker picture of the U.S. job market than it may seem.
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