Finance

Long-term unemployment is rising toward a Great Recession record

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Cars line up to pick up food boxes at the Athens County Fairgrounds in Athens, Ohio on Dec. 19, 2020.

BRAD LEE | AFP | Getty Images

Long-term unemployment is edging toward a historical peak, almost a year into the pandemic-fueled downturn.

Workers are deemed to be “long-term unemployed” when their jobless spell is longer than six months.

It’s an especially dangerous period of unemployment, according to labor economists.

For one, household income may drop significantly. But the dynamic also makes finding a new job more difficult, scars workers’ long-term earnings potential and raises the odds of losing a job (if they find one) down the road, economists said.

Almost 40% of jobless workers in…



Source cnbc.com

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