FinTech Silicon Valley Jobs

The share of long-term unemployment is rising

According to the Labor Department’s October jobs report, the number of people who are considered long-term unemployed, or jobless for 27 weeks or longer, increased by 1.2 million to a total of 3.6 million people that month. Roughly one-third of unemployed individuals have remained out of work since the early stages of the pandemic.

Meanwhile, the U.S. is recording close to 150,000 new cases each day, on average, according to a CNBC analysis of Johns Hopkins data, and health experts say numbers may get considerably worse heading into the winter months.

Such projections and resulting business shutdowns to contain the virus mean prospects for regaining employment are diminishing by the day, further straining many Americans’ ability to cover housing, food, medical and other essential expenses during a deadly pandemic.

The U.S. labor market has still not recovered roughly 10 million jobs lost during the coronavirus-induced recession, and more than 21 million Americans are currently receiving jobless benefits. More than 13 million Americans receive extended benefits under one of the two remaining CARES provisions, and Congress and the White House have not reached a compromise on a new stimulus package.

Studies have shown unemployment can have a negative impact on a job seeker’s physical and mental health. Those who experience prolonged periods of joblessness are more likely to report psychological impacts such as depression, anxiety and low self-esteem.

The mental and financial stress of long-term unemployment can have a lasting impact on job seekers, their families and their communities. Read more via CNBC

FinTech SVJobs

Our Latest Podcasts

Listen on Reason.fm

Follow us on Twitter

Your Header Sidebar area is currently empty. Hurry up and add some widgets.