Rick Hermann, Chairman and CEO of Hirequest, analyzes the status of the US workforce and shows that there is a lot of demand.
US Lab In a preservative pattern with unemployment, it is relatively low, but the slower recruitment has led to the share of long -term unemployment workers in the midst of economic uncertainty.
Department of Labor Statistics (BLS) tracks the number of people in the intended workforce Long -term unemployedWhich is defined as workers who have been unemployed for 27 or more.
In April, the percentage of long -term unemployed workers increased to 23.5 % as a share of the entire pool of unemployed workers, the highest level in three years, when the economy was returning from Coveid epidemic and among the highest inflation in decades. Reduced to 20.4 % in May and remained over 20 % from April 2024.
Alice Shrivastava, an economist with a recruitment lab, actually told Fox Business that while long -term unemployment economic data can be “very noisy”, he pointed out on the moon monthly, “the long -term trend is moving in the upward direction.”
Job Growth continued in May among economic uncertainty
Long -term unemployment is used to measure the number of workers who have been unemployed for 27 or more. (Yuki Iwamura / Bloomberg through Getty Images / Getty Images)
“This metric, in particular, I look at it with things like the rate of expulsion and its leaving rate, and this type of painting shows this stagnant job market image,” he explained.
“We have low unemployment rates, but all of this kind tells me that if you are in the job market right now, you probably feel good,” said Shrivastava. But if you want to get into the job market, you probably have a very difficult time, because while no one really leaves their workers, they will never add to their workforce. “
Long -term unemployment peaked during COVID epidemic and a major recession. (Reuters / David “De Delgado / Reuters)
The share of long -term unemployed workers among all unemployed people in 2010 and 2011 gain more than 45 % over the course Great recession It slowly declined during the decade and was first 25 % in 2016 and 20 % in 2019.
Again in length Pandemi KavidIn 2022, nearly 43 % in 2021, reaching below 20 % in mid -2022 and reaching down after 17.6 % valuation in February 2023.
“This is definitely a difficult situation where people who cannot withdraw from the job when they lose jobs are certainly as fast as they thought they thought,” said Liz Bentley, the founder and president of a consulting company.
Long -term unemployment can restore the job vision of the job seeker. (Amanda Andrade-Rhoades / For Washington Post via Getty Images / Getty Images)
Bentley pointed out that workers who consider themselves to be unemployed for a long -term face Financial strains Savings are also lost due to lack of income and at the same time opportunities for retirement or savings for retirement and other financial goals.
It can also be a job barrier. Bentley added that long -term unemployment is not unique to workers at a particular stage of their jobs.
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“It is still in the 30s, 40s, 50s, whatever you want to call it at any age and has a significant impact,” Bentley said.