CNBC
04 Jun 2026, 16:13 UTC · 6h ago
Long-term unemployment is surging in the U.S. There are hidden costs for workers and the economy
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CNBC
04 Jun 2026, 16:13 UTC · 6h ago
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Story key points
4 claims · impact-rated
The number of Americans classified as long-term unemployed (jobless for at least 27 weeks) has increased by 55% since 2023. — A significant rise in structural unemployment suggests a weakening labor market and reduced consumer spending power.
-0.60Job opening and hiring rates have fallen from pandemic-era peaks, contributing to a 'low-hire, low-fire' labor market. — Reduced hiring activity indicates cooling corporate demand for labor, which can signal a broader economic slowdown.
-0.40Long-term unemployed workers experience a permanent pay reduction of approximately 32% after a decade compared to those who did not lose work. — Permanent scarring of earning potential leads to long-term declines in aggregate household income and consumption.
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Recent college graduates are experiencing an unemployment rate of 5.6%, which is higher than the broader national average of 4.2%. — Difficulty for new entrants to enter the workforce suggests a mismatch in skills or a lack of entry-level corporate growth.
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