Need to Know
November 2, 2012 9:19 AM
Long-Term unemployment rises in October to 40.6%
Posted by Staff
CNS News reports:

The long-term unemployment rate rose to 40.6 percent in October, up from September’s level of 40.1 percent of the total unemployed, according to a report from the Bureau of Labor Statistics Friday.

Long-term unemployment is unemployment lasting for 27 consecutive weeks or longer, according to BLS.

The government reported that just over 5 million people were unemployed for more than six months – 27 weeks – rising from September’s level of 4.8 million.

Long-term unemployment has remained elevated since the end of the recession in 2009. In January 2009, when President Obama took office, there were 2.7 million long-term unemployed Americans. By August of that year – after the recession had ended in June – that number had crossed the 5 million mark.
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