Unemployment figures for May show 'mixed' results
The May employment report showed that the median term of unemployment declined, dipping to 17.3 weeks. Still, the economic situation remains bleak, even compared to the early 1980s — a time considered by economists to be the worst period of unemployment since the Great Depression.
Today's employment situation report showed that conditions for the long term unemployed were mixed in May while still remaining distressed by historic standards.
Workers unemployed 27 weeks or more increased to 4.357 million or 37.3% of all unemployed workers while the median term of unemployment declined to 17.3 weeks and the average stay on unemployment increased to 36.9 weeks.
Looking at the chart, you can see that today’s sorry situation far exceeds even the conditions seen during the double-dip recessionary period of the early 1980s, long considered by economists to be the worst period of unemployment since the Great Depression.
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