Good News: Long-Term Unemployment Not Here to Stay, Study Shows

Things are looking up

It's the news many of us have been waiting to hear. People who have been unemployed for a long time are finding jobs more easily today than they did shortly after the recession ended, a study shows. So even though it may feel that way, high unemployment is not permanent. The U.S. unemployment rate hit 7.9 percent in January, and in 2011 the average period before landing a new job peaked at 41 weeks, but has since fallen to 38 weeks more recently. Research published in the latest San Francisco Federal Reserve Bank Economic Letter showed that those out of work for 20 months or more appear to have better job prospects today than they did in 2010. "Importantly, that finding implies that the current elevated level of long-term unemployment is likely to disappear over time," said research adviser Rob Valletta. (NBC)

[SUBSCRIBE TO LOOP 21 RSS FEED]