US long-term unemployment surged to 1.93M (27% of total unemployment) in August, matching 3rd-highest level since December 2021 and signaling underlying labor market weakness.
Macro & Markets ·
Long-term unemployment in the US reached 1.93 million people in August, representing 27.0% of all joblessness and marking the third-highest share since late 2021, with the cohort swelling by 155,000 during the month. The proportion of workers jobless for 27 weeks or longer has climbed 1.5 percentage points and now sits higher than any recession on record except 2008 and 2020, reflecting persistent weakness in labor market conditions despite recent employment gains.