According to BlockBeats, recent data analysis from TheKobeissiLetter reveals a significant rise in long-term unemployment in the United States. In August, the number of Americans unemployed for extended periods surged to 1.94 million, marking the highest level since November 2021. Since December 2022, the count of individuals unemployed for 27 weeks or more has more than doubled, with the proportion reaching 26.3%, the highest since February 2022. Over the past 20 months, long-term unemployment in the U.S. has increased by nearly 10 percentage points, surpassing levels seen in all previous recessions except those in 2020 and 2008, indicating a downturn in the U.S. job market.
In the last four months, excluding the healthcare sector, the U.S. has lost 142,200 jobs, the most since 2020. Non-farm employment, excluding healthcare, decreased by 53,000 in May, 71,800 in June, and 24,800 in August. Historically, such rapid declines following years of growth have coincided with the onset of economic recessions. The remaining private sector employment has also contracted, suggesting that the U.S. job market is weaker than it appears.