Long-Term Unemployment Still At 2.4 Million

24/7 Wall St.

US_Dept_of_LaborWhile the number of people employed in the U.S surged higher by 280,000 in May, and the unemployment rate remained at 5.5%, the count of the long-term unemployed stayed at 2.4 million, according the Bureau of Labor Statistics. The problem remains one of the most difficult to resolve as the overall employment situation strengthens.

According to the BLS May « Employment Situation Summary »:

The number of persons unemployed for less than 5 weeks decreased by 311,000 to 2.4 million in May, following an increase in April. The number of long-term unemployed (those jobless for 27 weeks or more) held at 2.5 million in May and accounted for 28.6 percent of the unemployed. Over the past 12 months, the number of long-term unemployed is down by 849,000

So, some improvement, but none recently. And, large enough to matter at almost 29% of the total pool of the unemployed.

The Congressional Budget Office has done…

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