Unemployment in America
According to the Bureau of Labor Statistics, the number of long-term unemployed, which constitute 42,8% of the total jobless, fell 13% YOY in May. Long-term unemployed is defined as the number of people out of work for 27 weeks or more. Economists point to this as a positive sign that at least the job market is stabilizing.
However, this significant drop can be partly attributable to retiring workers and workers seeking education. Moreover, as this article in the Wall Street Journal points out, an equally significant statistic is the more than 3.5 million unemployed middle-aged Americans, 39% of which have been unemployed for more than a year. This extremely negative statistic is without precedent in modern U.S. history and shows that, despite encouraging signs in job markets, there are still significant challenges to ensuring the success of the American workforce.