And Now The Bad Jobs News: There Was A Big Jump In The Duration Of Unemployment

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By and large this was clearly a better-than-expected jobs report that we just got.

Some bad news:

  • The average duration of unemployment from 33.3 weeks to 33.9, reversing gains (we had been at 33.6 in August).
  • Those unemployed 27 weeks or longer jumped form 41.7% of the unemployed pool to 41.8%.
  • Those unemployed 15 weeks or longer jumped from 57.5% of the unemployed to 58.8%.
  • Not surprisingly, the short-end dropped big.

So what this all means is the structural unemployment problem — finding jobs for the people most out of the workforce — are still having a heckofa time finding jobs, and it may be getting worse.

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