Friday, June 3, 2011

[Charts] Average Duration of Unemployment Twice the Level of any Previous Peak Since Records Began in 1940s

There are so many ways to splice and dice how poor the underlying structure of the U.S. employment picture is, but Business Insider highlights this graph as one of the most striking.  The average duration of unemployment is now 40 weeks, which is just about twice the level of any other peak, including the 'jobless recovery' of the early 2000s.  The Great Recession lives on for many in this country ....

[click to enlarge]

And also I'll add the now infamous graph Calculated Risk blog puts out each month.  These type of data points show why it is laughable Wall Street celebrates an extra 30K jobs here, or 50K there.  We're digging out of a black hole.  And this with a 10% annual federal deficit to boost the economy.  The scary thing is what happens when the next cyclical recession hits - the base we're working off of, in terms of jobs versus population is already so low.

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