Calculated Risk posted their weekly summary and a look ahead for next week with two troubling charts.
First, the percent of jobs lost - not unemployment rate - is hovering around 5.2%, making it the worst of any recession since figures were recorded in 1948. That is to say, that this recession has had the most dramatic effect on our work force.
Second, and perhaps more troubling, is the statistic of workers unemployed for more than 26 weeks. Currently, the percentage of unemployed for this long is at a record 4.0% with 6.13 million workers. The early 1980s recession was the next highest, with 2.5% unemployed for more than 26 weeks.
The recession has not only hit hard, but it has been sustained. Unemployment levels can flatten, but until we see those out of work for a long period of time finding work, the economy has a long way to go.
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