Short-Term Unemployment Is In Pretty Good Shape. Long-Term Unemployment Continues To Be a Catastrophe.


Via Zachary Goldfarb, here’s a chart from the 2014 Economic Report of the President. It shows unemployment rates of various durations, and I’ve redrawn it a bit to scale everything to 100 in 2007. That gives you a clearer idea of what’s going on. As you can see, short-term unemployment levels are nearly back to their 2007 levels and continuing to drop. Long-term unemployment, by contrast, is still three times its 2007 level.

For all practical purposes, long-term unemployment is now practically our entire unemployment problem.

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We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

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