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.