Long-Term Jobless Are Not Recovering Like the Economy



The number of long-term jobless is still rising, and those still looking for jobs are having greater problems finding work. It’s part of a national tragedy, as significant numbers of the unemployed have given up looking for work.

A new report from the University of New Hampshire’s Carsey Institute estimates the number of jobless looking for work for more than six months has more than doubled since 2007, and currently totals more than 39 percent, CBS moneywatcer reported.  A separate study from  CareerBuilder shows that nearly a third of those without a job for 12 months or longer who are still looking for work have not had a single job interview during that time.
But many of them are still trying. In fact, 44 percent of the long-term unemployed reported they still hunted for a job every day, and 43 percent said they looked every week.
And the unemployment problem certainly extends beyond U.S. borders. At the World Economic Forum in Davos, Switzerland, this week, business leaders focused on signs of a nascent global economic recovery. But Guy Ryder, director general of the International Labour Organization (ILO), told CNBC that the “gorilla in the Davos living room” was lack of jobs. Unemployment in the eurozone is 12.1 percent, and the ILO projects there will be 215 million jobless worldwide by 2018. “The most important thing is jobs, jobs, jobs and that part of the recovery is not yet obvious,” Angel Gurria, secretary general of the Organisation for Economic Co-operation and Development (OECD), told CNBC.
The labor force participation rate in the United States has slumped from 66 percent to 62.8 percent since 2008 — meaning 12.6 million people have simply left the workforce since then, according to the National Journal.
In addition, the number of part-time workers who long for a full-time job has risen by nearly 4 million people since 2008, long-term unemployment is higher than any period since 1990 and most of those who have lost their paychecks since 2008 “were laid off for good, not temporarily jettisoned for better times to come,” the Journal noted.
“This sounds and looks like a calamity,” the Journal reported. “For those looking for work, it is that and more — particularly if Washington does not extend and retroactively provide long-term jobless benefits.” Yahoo noted some states have begun to trim jobless benefits, with varying results. In North Carolina, where the maximum benefit period was slashed from 73-weeks to 20 weeks, the jobless rate has sunk from 8.8 percent to 7.4 percent, Yahoo said. But it acknowledged food banks are also feeling pressure from rising demand

source : www.moneynews.com


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