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US / The Unemployment Problem is a long-term unemployment problem

In a response to Friday’s jobs report, Jason Furman, the Chairman of the White House’s Council of Economic Advisors, included this graph that shows the share of unemployment benefits going to long-term unemployed workers (those out of work more than 27 weeks) and short-term unemployed workers. Check it out:

Source: Council of Economic Advisers

The regular programs offer benefits to those Americans who have been out of work up to 26 weeks. The red are emergency programs that Congress passes during recessions, which allow workers to collect benefits for a longer time. As you can see, the share of short-term unemployed workers receiving jobless benefits is lower than any point in the past 25 years. That’s because we have so many people who have been out of work for more than six months.

Chosen excerpts by Job Market Monitor. Read the whole story at 

Business Insider

via Two Graphs Show How Our Unemployment Problem Is Entirely A Long-Term Unemployment Problem – Business Insider.

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