|By Ayres, Sarah|
At times of high unemployment during and immediately following recessions, unemployment insurance provides crucial income support to the unemployed, as well as a much-needed boost to the economy. Unemployment insurance supports the unemployed while they search for a new job, keeps millions of Americans out of poverty, and spurs economic growth. In fact, the nonpartisan
Following are five key reasons why
1. The long-term unemployment rate is higher than ever before
The share of unemployed workers who have been unemployed long term is higher than ever before. When
2. The typical unemployed worker has been out of work longer than ever before
Today's unemployed workers are spending more time looking for work than unemployed workers in previous recessions. The median duration of unemployment today is 17 weeks, but
3. More unemployed workers are running out of benefits than ever before
As a result of the long-term unemployment crisis, more and more workers are running out of benefits before they can find a new job. When
4. The unemployment rate remains unacceptably high
The U.S. economy is slowly improving, but the unemployment rate remains unacceptably high. At 6.7 percent, the unemployment rate today is higher than it was six out of the past seven times
5. There are still three job seekers for every job opening
The ratio of job seekers to job openings has improved since the height of the Great Recession, but there are still three job seekers for every one job opening in America. In a strong labor market, that ratio would be closer to 1-to-l, as it was in 2000 and 2007.
|Copyright:||(c) 2014 Michigan Chronicle|
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