|Written by John Schmitt|
|Friday, 09 March 2012 11:15|
Justin Wolfers correctly tweets this morning that: “As unemployment falls, so will long-term joblessness.”
But, it could still take a very long time.
The labor-market categories that Janelle Jones and I have been focusing on in two recent reports – the long-term unemployed, discouraged workers, the marginally attached, and those part-time for economic reasons – have so far not responded much to job growth and the decline in the overall unemployment rate.
I was struck by these lines from the Bureau of Labor Statistics summary of today’s jobs report:
You can read Dean Baker's take on the jobs numbers here.