The Long Term Unemployment Rate Hits The Lowest Level In Nearly 3 Years

The jobs report largely beat expectations this morning, even as a change in the participation rate boosted the headline unemployment figure to 8.3 per cent.

One strong area of the report was the per cent of those out of work for more than 27 weeks, which fell to the lowest level since December 2009.

Currently, 40.7 per cent of those unemployed have been for more than half a year. That’s sharply higher than the average pace over the last decade — which stands at 26.4 per cent. 

Nonetheless, it’s down from a high of 45.5 per cent set in 2011.

Below, a look at long-term unemployment picture over the last 10 years.

Unemployment July Jobs Report Long Term Jobless

Photo: Eric Platt/Business Insider, Data: Bureau of labour Statistics

SEE ALSO: The 16 worst layoffs of the year >

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