US Long-Term Unemployment Hits Highest Since 2021

The latest labor market data shows a troubling rise in long-term unemployment. In May, the number of Americans out of work for 27 weeks or more increased by 155,000, reaching 1.99 million — the highest level since December 2021.

Year-over-year, this figure has surged by 524,000, marking the largest annual increase since August 2021. As a share of total unemployment, long-term joblessness now stands at 27.5%, also the highest since December 2021.

This percentage has climbed 9.0 percentage points since the start of 2023 and is now above every post-recession peak except those seen in 2008 and 2020. The data underscores a growing difficulty for many Americans in finding re-employment.