According to official government data, the average duration of unemployment in the U.S. is now over 41 weeks. That is longest in our history–longer than at the worst point in the Great Depression.
The number of people classified as “long-term unemployed” (out of work for more than 27 weeks) has increased over the last two years from 2.6 million to 6.2 million. 45.5% of the unemployed are classified as “long-term unemployed.”
And keep in mind these are BLS numbers, which understate actual unemployment.
I’ll refrain from commenting on why I think this is happening. Suffice it to say this is yet another reason to be prudent and prepared.