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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

Pemo Theodore

Pemo is a Media Publisher & Event Producer. She is CoFounder/CEO Silicon Valley TV She is the Executive Producer of FinTech Silicon Valley & organizes Bay Area FinTech meetup: Silicon Valley FinTech meetup & Blockchain Music meetup with almost 3k members. She has produced Silicon Valley Events for Investors & Startups 7 years. She video interviews venture capitalists & angel investors & FinTech experts. She partners with videographers to cover San Francisco Bay area startup conferences & meetups with livestreaming, video & foto packages Silicon Valley TV She is based in Silicon Valley & has been involved in online business for 14 years. She has been in small business for 46 years in Ireland, London, Canada & Australia. She also published a free ebook (the findings of 1 year research from VCs, angels & women founders) “Why are Women Funded Less than Men? a crowdsourced conversation” She was TheNextWomen‘s most prolific contributor of 2011. Silicon Valley TV has been noted as a platform for supporting high growth women led companies in Huffington Post

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