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Expect the Average Duration of Unemployment to Skyrocket for Years
by Mish Shedlock, The Street:
So many people were suddenly laid off in March and April that the average number of weeks people were unemployed plunged to 6.1. That was an all-time low.
Longer-term charts show more ominous trends.
Weeks Unemployed 1999-2020
The average number of weeks someone is unemployed tends to peak long after a recession has ended.
A long-term chart shows this more clearly.
Weeks Unemployed 1948-2020
Related Ideas
- Job Recovery Slows and Headwinds Mount for October
- The Airlines, Allstate, and Shell Announce Mass Layoffs
- Death of the Department Stores and the Alleged Retail Recovery
- Little Progress on Unemployment Claims but Checks Grind to a Halt
