Analysis: U.S. long-term unemployment rate soars rapidly, above all recessions outside 2020 and 2008

BlockBeats News, on September 8, TheKobeissiLetter released data analysis saying that the long-term unemployment rate in the United States is soaring at an astonishing rate: the number of long-term unemployment in the United States jumped to 1.94 million in August, the highest level since November 2021. Since December 2022, the number of Americans who have been unemployed for 27 weeks and more than doubled, with the percentage of individuals who have been unemployed for more than 27 weeks rising to 26.3%, the highest level since February 2022. The number of long-term unemployment in the U.S. has increased by nearly 10 percentage points in just 20 months, a percentage that is now higher than all previous recessions except 2020 and 2008, and there is no doubt that the U.S. job market is in a recession. In the past 4 months, the United States has lost 142,200 jobs without counting including the healthcare industry, the most since 2020. The number of non-farm employment in the United States decreased by -53,000 in May (excluding health care), decreased by -71,800 in June, and decreased by -24,800 in August. Such a rapid decline after several years of growth has always happened at the same time as the beginning of a recession. The rest of the private sector jobs have also shrunk, and the U.S. job market is much weaker than it seems.