SFGate.com: As of August 2014 three million Americans had been unemployed for more than six months. Over two million have been unemployed for more than a year.
The only incremental improvement: the percentage of those out of work and looking for the past six months or more has declined, from 46% of the total unemployed in 2010, to 33 percent now. In California (excepting the Bay Area’s bubble economy) the percentage is closer to 40 percent.
The long-lasting trend indicates ”that the ranks of the long-term unemployed may remain high for months or years even if the economy continues to improve,” says the report based on a survey of 852 employed and unemployed workers between July 21 and August 3.
Close to half of those who have found jobs are being paid less, working part-time, or otherwise experiencing “a step down” from their job 5 years ago.
Their living standards, and feelings about the present and the future, are very much in line with earlier findings on the mood of American workers.
- The Obama Economy: America’s GDP shrank nearly 3%
- U.S. economy is not recovering. It’s SHRINKING
- The Obama Economy: Hamburger flippers are older and college-educated
- Nearly half of U.S. college graduates can find only low-wage jobs