No relief for long-term unemployed

@CNNMoney November 2, 2011: 1:21 PM ET
No relief for long-term unemployed

The long-term unemployment rate remains stubbornly high.

NEW YORK (CNNMoney) -- The long-term unemployed just can't catch a break.

Nearly 32% of the 14 million Americans who are unemployed have been out of work for more than a year, according to data from the Pew Charitable Trusts.

The numbers are jaw-dropping. While the percentage of unemployed who have been out of work for more than a year has recently been hovering just above 30%, it's nearly double the figure reported in 2009.

In the third quarter of 2009, only 16% -- or 2.5 million -- of the unemployed had been out of work for more than a year.

The Pew analysis indicates that high long-term unemployment rates cut across nearly every industry, and disproportionately affects older workers.

More than 43% of unemployed workers older than 55 have been out of work for at least a year, according to the study.

While the broader job market has recovered somewhat from its recession lows, the challenge of long-term unemployment has persisted -- along with federal spending on unemployment benefits.

Spending on unemployment insurance will hit $120 billion for fiscal year 2011, according to data from the Congressional Budget Office. That's well above the pre-recession average of around $30 billion a year.

But spending on benefits is lower than the $159 billion peak in fiscal year 2010. The decline is attributed to fewer claims, and legislation at the state level that limits the number of weeks an individual is eligible to receive benefits. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Home pricesAug 28
Consumer confidenceAug 28
GDPAug 29
Manufacturing (ISM)Sept 4
JobsSept 7
Inflation (CPI)Sept 14
Retail sales Sept 14
  • -->

    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.