Monday, July 05, 2010

Average time needed to find a job has risen to a record 35.2 weeks

Adding to the not so great economic news is the stat aspect of what we have been facing - (link):

The share of the US working-age population with jobs in June actually fell from 58.7pc to 58.5pc. This is the real stress indicator. The ratio was 63pc three years ago. Eight million jobs have been lost.
The average time needed to find a job has risen to a record 35.2 weeks. Nothing like this has been seen before in the post-war era. Jeff Weninger, of Harris Private Bank, said this compares with a peak of 21.2 weeks in the Volcker recession of the early 1980s.
"Legions of individuals have been left with stale skills, and little prospect of finding meaningful work, and benefits that are being exhausted. By our math the crop of people who are unemployed but not receiving a check amounts to 9.2m."


The average time to find a job being a record high really calls into question the decision by Republicans in DC to fight the unemployment extension...

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