{"id":6267,"date":"2026-06-04T20:19:55","date_gmt":"2026-06-05T03:19:55","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=6267"},"modified":"2026-06-04T20:21:32","modified_gmt":"2026-06-05T03:21:32","slug":"long-term-unemployment-is-surging-in-the-u-s-there-are-hidden-costs-for-workers-and-the-economy","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=6267","title":{"rendered":"Long-term unemployment is surging in the U.S. There are hidden costs for workers and the economy"},"content":{"rendered":"\n

Over recent weeks, Parker Taylor reached a grim milestone in his work history.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The 29-year-old had been employed consistently since he was a teen, first on a factory floor and most recently in medical sales. But the St. Petersburg, Florida, resident hasn\u2019t been able to start a new gig after losing his job shortly before the 2025 Thanksgiving holiday.<\/p>\n\n\n\n

Taylor has become part of a group of more than 1.8 million Americans classified as long-term unemployed<\/a> \u2014 which the government defines as jobless for at least 27 weeks \u2014 in a given month this year. That figure is up about 45% from 2019 and 55% from 2023, a CNBC analysis of Bureau of Labor Statistics data found.<\/p>\n\n\n\n

\u201cThis can\u2019t go on much longer without some type of catastrophic change to my life,\u201d Taylor said. \u201cThat this era of my life could affect my long-term future \u2014 my family\u2019s future, my future children\u2019s future \u2014 is something that I go to sleep thinking about.\u201d

Without a steady income, Taylor\u2019s retirement planning and long-term investing strategy has come to a \u201cscreeching halt.\u201d He\u2019s significantly cut back on spending for everything from food to social experiences to make ends meet. Taylor said he\u2019s applied to around 100 jobs and has completed several interviews to no avail.<\/p>\n\n\n\n

On a macro level, the growing number of Americans in this boat raises red flags about the strength of the labor market and overall economy. For the long-term unemployed, it can have ramifications on financial, emotional and family health that linger even after they reenter the workforce.<\/p>\n\n\n\n

\u201cIt tells us a lot about economic health,\u201d said Cory Stahle, an economist at job site Indeed. \u201cIt tells us about how good of a job the labor market is doing at absorbing people.\u201d<\/p>\n\n\n\n

<\/a>A \u2018devastating\u2019 situation<\/h2>\n\n\n\n

The long-term unemployed account for roughly one out of every four jobless workers, according to the latest available U.S. government data. Friday\u2019s nonfarm payroll report will offer a fresh reading of the U.S. labor force\u2019s makeup. Reports released this week on\u00a0job openings<\/a>\u00a0and\u00a0private payrolls<\/a>\u00a0came in stronger than economists anticipated.

Long-term unemployed workers\u2019 pay was approximately 32% lower after a decade than those who had not lost work, according to a working paper from the Boston Federal Reserve<\/a>. Those who were unemployed for shorter periods took a 9% cut over the same time frame.<\/p>\n\n\n\n

Studies also show there may be a link between long-term unemployment and depression. A Pew Research report found that the long-term unemployed were over two times more likely<\/a> to seek professional help for depression or other mental health challenges compared with those without work for under three months.<\/p>\n\n\n\n

\u201cOther than the death of a family member or a close friend, this is one of the most devastating things that people face,\u201d said Carl Van Horn, director of the Heldrich Center for Workforce Development at Rutgers University. \u201cIt\u2019s a very serious health problem and an economic problem.\u201d<\/p>\n\n\n\n

Research also shows how unemployment \u2014 particularly over long stretches \u2014 can negatively impact families and communities.<\/p>\n\n\n\n

Parental job loss increases the chance that their child will\u00a0repeat a grade<\/a>\u00a0by about 15%, a working paper found.\u00a0A study of Wisconsin state data found workers displaced in their prime years are\u00a0less likely to participate<\/a>\u00a0in social and community events. Communities with a larger percentage of long-term unemployed people have a higher rate of crime and violence, the\u00a0Urban Institute<\/a>\u00a0reported.

Ana Febres-Cordero said her mental health worsened since she lost her social media job over a year ago. The 29-year-old has pulled back on outings with her friends to conserve savings and relies on her boyfriend to shoulder housing costs. The Chicago resident took up dog walking and hobbies like coloring to ensure she leaves the house and keeps a routine.<\/p>\n\n\n\n

\u201cI don\u2019t think people might realize how much it affects the individual,\u201d said Febres-Cordero, who estimates completing more than 300 job applications. \u201cIt breaks down your confidence.\u201d<\/p>\n\n\n\n

Hundreds of miles away, Lindsay Acker of Asbury Park, New Jersey, has fallen behind on student loan and credit card debt payments after losing her health industry job last year. The 38-year-old said she\u2019s moved to a Medicaid<\/a> healthcare plan with marketplace insurance no longer affordable.<\/p>\n\n\n\n

She\u2019s dipped into her retirement account to cover necessities after her unemployment payments ended. Acker said she\u2019s delayed conversations about family planning as it now feels out of reach financially.<\/p>\n\n\n\n

\u201cI am not the same person I was when I lost my job,\u201d Acker said. \u201cI\u2019ve lost my spark. I\u2019ve lost my happiness. I\u2019ve lost my ability to see joy.\u201d<\/p>\n\n\n\n

<\/a>A \u2018transformative\u2019 experience<\/h2>\n\n\n\n

The long-term unemployed no longer qualify for most unemployment benefits, which are typically capped at 26 weeks, according to William Congdon, a labor economist and senior fellow at the Urban Institute. Even if these workers are actively job hunting, he said, they face stigma from employers due to the gaps on their resumes.<\/p>\n\n\n\n

A rising number of long-term unemployed workers is a feature of the\u00a0\u201clow-hire, low-fire\u201d<\/a>\u00a0labor market, according to Indeed\u2019s Stahle. Federal labor data shows job opening and hiring rates have tumbled from pandemic-era peaks, signaling that work opportunities are drying up.

The long-term unemployed group also includes new college graduates<\/a> struggling to land their first roles, Stahle said. Recent college graduates last had an unemployment rate of 5.6%, outpacing the broader average of 4.2%, according to the New York Fed<\/a>.<\/p>\n\n\n\n

The national economy could suffer as a result of more people being without jobs this long, Stahle said, as they will likely curtail spending. Consumer spending makes up about two-thirds<\/a> of the U.S. gross domestic product.<\/p>\n\n\n\n

Even for those like Deborah Yu who have reentered the workforce, the stress of being without work for so long still shows up in big and small ways.<\/p>\n\n\n\n

The San Francisco Bay Area resident said she once bought lunch during the work week without a second thought, but now feels like it\u2019s an unnecessary expense. She pushed off considerations about buying a house out of fear of being on the hook for a monthly mortgage if she became unemployed again.<\/p>\n\n\n\n

\u201cIt\u2019s been a transformative experience,\u201d said Yu, who began a new job in March after being laid off in mid-2025. \u201cI think about money now on a deeper level.\u201d

Reprinted from Consumer News and Business Channel<\/p>\n","protected":false},"excerpt":{"rendered":"

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