As we roll into the weekend, we want to end the week on a good note. Alas, the economy doesn’t make that easy. Per a new study conducted by three Princeton University economists, Americans who have been unemployed for more than six months are in the minority of landing a full-time job.
That is, 11 percent of this population will regain steady employment. The number of long-term unemployed equates to 3.8 million people which is technically 37 percent of Americans who are unemployed.
Furthermore, the long-term unemployed are more than twice as likely to stop looking for a new job than to find one. Researchers also mentioned when this population leaves the labor force, they’re more likely to say they don’t even want a job any more.
The economists concluded that a hiring predictor can be more reliable when looking at short-term unemployed who are more likely to get rehired than long-term unemployed folks.
Since 2007, the number of people who’ve been unemployed for more than six months has tripled. Many of these people have managed to survive by stringing together a variety of part-time jobs and getting help from family and friends.