Behind the Unemployment Numbers Things Are Even Worse

The unemployment rate continues to stagnate at 10.2 percent, according to the latest available date, but the problem is actually much worse than that number conveys according to the Mercatus Center. One additional important measure of economic health is the duration of unemployment, as shown in the above chart. During better times, the time someone is unemployed is short and the reverse is the case in bad recessions. From 1950 to 2000, 12.4 percent of those who were unemployed had been out of work for 27 months or more. Contrast that with last month, when 44.1 percent of the unemployed had been out of work for 27 weeks or more. This provides us with yet another backdrop for assessing the effectiveness of the numerous interventions undertaken by the Bush and Obama administrations, to put it charitably. For more on this click here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s