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Long-term unemployment may be falling, with the number of people out of work for 27 weeks or...

Long-term unemployment may be falling, with the number of people out of work for 27 weeks or more dropping 13% Y/Y in May to 5.4M. "More people may be getting impatient and taking lesser positions," says employment expert Philip Noftsinger. The stats could also be hiding lower workforce participation as older people retire or study for degrees.
Comments (2)
  • Meltdownman
    , contributor
    Comments (98) | Send Message
     
    Or it could be that people are no longer being counted because they are no longer receiving unemployment benefits. What is even more shocking is the number of people collecting disability benefits due to stress of being...guess what..unemployed for so long. It has skyrocketed.

     

    COSTELLO: I want to talk about the unemployment rate in America.
    ABBOTT: Good Subject. Terrible Times. It's 8.2%.
    COSTELLO: That many people are out of work?
    ABBOTT: No, that's 18%
    COSTELLO: You just said 8.2%.
    ABBOTT: 8.2% Unemployed.
    COSTELLO: Right 8.2% out of work.
    ABBOTT: No, that's 18%.
    COSTELLO: Okay, so it's 18% unemployed.
    ABBOTT: No, that's 8.2%...
    COSTELLO: WAIT A MINUTE. Is it 8.2% or 18%?
    ABBOTT: 8.2% are unemployed. 18% are out of work.
    COSTELLO: IF you are out of work you are unemployed.
    ABBOTT: No, you can't count the "Out of Work" as the
    unemployed. You have to look for work to be unemployed.
    COSTELLO: BUT THEY ARE OUT OF WORK!!!
    ABBOTT: No, you miss my point.
    COSTELLO: What point?
    ABBOTT: Someone who doesn't look for work, can't be counted with those who look for work. It wouldn't be fair.
    COSTELLO: To who?
    ABBOTT: The unemployed.
    COSTELLO: But they are ALL out of work.
    ABBOTT: No, the unemployed are actively looking for work... Those who are out of work stopped looking. They gave up. And, if you give up, you are no longer in the ranks of the unemployed.
    COSTELLO: So if you're off the unemployment roles, that would count as less unemployment?
    ABBOTT: Unemployment would go down. Absolutely!
    COSTELLO: The unemployment just goes down because you don't look for work?
    ABBOTT: Absolutely it goes down. That's how you get to 8.2%. Otherwise it would be 18%. You don't want to read about 18% unemployment do ya?
    COSTELLO: That would be frightening.
    ABBOTT: Absolutely.
    COSTELLO: Wait, I got a question for you. That means they're two ways to bring down the unemployment number?
    ABBOTT: Two ways is correct.
    COSTELLO: Unemployment can go down if someone gets a job?
    ABBOTT: Correct.
    COSTELLO: And unemployment can also go down if you stop looking for a job?
    ABBOTT: Bingo.
    COSTELLO: So there are two ways to bring unemployment down, and the easier of the two is to just stop looking for work.
    ABBOTT: Now you're thinking like a Bankster.
    COSTELLO: I don't even know what the hell I just said!
    24 Jun 2012, 09:17 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (8960) | Send Message
     
    The Obama years have been a disaster for employment trends in this country.

     

    He would have my vote if he simply worked to eliminate ALL federal taxation for corporations that fired foreign workers and replaced them with American citizens.

     

    So simple yet he doesn't have the cojones to win my vote.
    24 Jun 2012, 04:27 PM Reply Like
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