by Mish Shedlock, The Street:
So many people were suddenly laid off in March and April that the average number of weeks people were unemployed plunged to 6.1. That was an all-time low.
Longer-term charts show more ominous trends.
Weeks Unemployed 1999-2020
The average number of weeks someone is unemployed tends to peak long after a recession has ended.
A long-term chart shows this more clearly.
Weeks Unemployed 1948-2020
- Job Recovery Slows and Headwinds Mount for October
- The Airlines, Allstate, and Shell Announce Mass Layoffs
- Death of the Department Stores and the Alleged Retail Recovery
- Little Progress on Unemployment Claims but Checks Grind to a Halt