Huge Spike in Long-Term Unemployment

by Mike ‘Mish’ Shedlock
The Street

The percentage of those unemployed for 15 weeks or longer spiked to 5.0% in July. And it will be much worse next month.

Long-Term Unemployment 1950 Through August 2020

[…] What’s Going On?

The above chart shows long-term unemployment is typically a very lagging indicator. This happens because layoffs increase as recessions grow in length.

U1 is 15 weeks or longer so it took this long to kick in.

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