"Here is an embiggened version of the infamous jobs chart prepared by Obama administration economists Jared Bernstein and Christina Romer back in January 2009 (and now updated again by me with data from the August jobs report)."
Relationship Between the Unemployment Rate and the Long-Term Unemployed as a Share of All Unemployed, 1982 to 2011
"The effects of the recent recession, which began in December 2007 and ended in June 2009, have combined to make the years since 2007 the worst period of unemployment in the United States since the 1930s. ...
The extent of long-term unemployment is much greater than would be expected on the basis of its historical relationship with the overall unemployment rate (see Figure 2...). Had long-term unemployment followed its historical pattern, it would have been between 20 percent and 25 percent of total unemployment in 2009 and 2010, rather than over 40 percent. That high share means that many of the same people have been unemployed from month to month and from year to year. ... As a result, much of the impact of unemployment has fallen on people who have been unemployed for a long time rather than being shared by a wider set of people unemployed for shorter periods."
More About This Topic...
Click thumbnails below to view links