A single paragraph that explains why unemployment is still so high

It comes from the 2014 Economic Report of the President, released today:

The current elevation of the unemployment rate is entirely due to long-term unemployment. In December 2013, the unemployment rate for workers unemployed 26 weeks or less fell to lower than its average in the 2001-07 period, while the unemployment rate for workers unemployed 27 weeks or more remained higher than at any time prior to the Great Recession. But the long-term unemployment rate has declined by 1.1 percentage points in the last two years, a steeper decline than the 0.5 percentage point drop in the short-term unemployment rate over that period (Figure 2-24).

For more on long-term unemployment, read my colleague Ylan Mui's smart take on the subject earlier this year.

Zachary A. Goldfarb is policy editor at The Washington Post.
Show Comments

Get Wonkbook in your inbox

Sign up for our morning economic policy primer.

Most Read Business
Next Story
Puneet Kollipara · March 10, 2014