CBS News reported that chronic unemployment is worse than that of the Great Depression. This is not reflected in the 9.1% unemployment rate, which has been decreasing since November 2010. Compounding this, May added the smallest number of jobs in eight months, prompting the highest unemployment rate in 20 months.
CBS News said, “There is an unfortunate adage for the unemployed: The longer folks are out of a job, the longer it takes them to find a new one.” Fabian Lambrecht told CBS News, “They’re saying there are more jobs. I’m just wondering where those jobs are.”
According to statistics, 6.2 million Americans have been looking for work for over six months. This group makes up 45.1 percent of those unemployed, which is a higher percentage than during the Great Depression. The issue? A long gap in a resume can raise concerns for employers. Additionally, those who are long-term unemployed have exhausted their funds for training because unemployment benefits have stopped.
Paul Taylor, an executive vice president at the Pew Research Center said that “If you have been unemployed for 6 months or more, it takes a much deeper toll – not just on your personal finances and your career prospects – but on your emotional well-being.”