Long-Term Jobless Left Out of the Recovery

By Ray Pinard | September 9, 2013

Here’s an interesting article, first published in The Wall Street Journal by Ben Casselman, and then republished on the Friends of the U.S. Chamber of Commerce web site.

For those left behind by the long, slow economic recovery, time is running out. More than four years after the recession officially ended, 11.5 million Americans are unemployed, many of them for years. Millions more have abandoned their job searches, hiding from the economic storm in school or turning to government programs for support. A growing body of economic research suggests that the longer they remain on the sidelines, the less likely they will be to work again; for many, it may already be too late.

By most conventional measures, the U.S. economy is healing, albeit slowly. Gross domestic product grew at a 2.5% rate in the second quarter of the year, the government said last week, the best pace since last fall. Payroll figures, due Friday, will likely show that hiring held steady in August. The housing market is rebounding, corporate profits are strong, and households are repairing their balance sheets.

Read more

Leave a Comment

Your email address will not be published.