Slim Odds for the Jobless

0 Posted by - June 14, 2012 - Career & Business, Economics, Money

job fair applicants.gi .top  300x193 Slim Odds for the JoblessWe all know by now that it’s hard for the long-term unemployed to get back into the workforce.

But just how hard is it? Economists at the San Francisco Federal Reserve put a number on the odds.

In the first few weeks after losing their jobs, about 3 in 10 people are able to find work.

But after about a year of being out of work, the chances of landing a job fall to just 1 in 10 per month.

People with the best job prospects tend to find new opportunities fairly quickly. But those who come from industries that are downsizing or who have outdated skills can wind up unemployed for many months or even years.

Though this has long been true, the Great Recession has hit the long-term unemployed even harder. The unemployment rate was higher during the 1980s recession, but the most recent economic downturn has lasted longer, making it more difficult for people to find new jobs.

CONTINUED at CNN Money.

No comments