The number of long-term unemployed (those jobless for 27 weeks and over) increased by 414,000 over the month to 6.5 million.
That's almost 7% in one month, and that is downright scary. Of course, we've talked about this till the cows were home, fed, bathed, and left the barn again, but it still bears repeating that discussing US employment, for instance the initial jobless claims data, has become a futile exercise, if not an outright affront to the people, if the EUC (Emergency Unemployment Compensation) numbers are not included.
It may make for a nice feel-good story to claim that less people have jumped onto the front of the wagon, but it's simply deceitful not to mention the number that have fallen off the back. Over 44% of jobless Americans are now unemployed for more than 27 weeks. Hence, the EUC component of the stats, the by now 6.5 million who largely depend on the emergency money Congress just last week refused to extend, is now probably the most important segment of the unemployment numbers, or at least should be if the fudging would end. At present, it’s exceedingly hard to figure out where they show up in the various sets of supplied data.
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