long-term unemployed

The long-term unemployed of The Recovery


Eric Garland Economic trends, Labor Trends Leave a Comment

Last week, Competitive Futures looked at the job growth of the Obama era, which tells a pretty convincing story of Recovery. However, if you know my writing since the crash, I’ve noted everywhere that this is transition, not recovery.

Here’s yet another chart that explains what I mean. “Jobs” may be growing, but the population of long-term unemployed have shifted in a statistically-significant way, and have not “recovered.”

Why is this? If I had to guess, it’s because the nature of jobs have shifted, and not every skillset has made the transition with ease. There are many societal implications to that statement, disrupted statements, shifts in consumer spending, lower rates of savings, and more.