A worker’s chances of finding a new job after being out of work for about a year fall to just 10%. About 30% of unemployed workers will find a new job in a few weeks, but these are workers who have not been employed in industries that are downsizing or who may require new skills in order to find a new job.
The data comes from a study by the San Francisco Federal Reserve Bank and is cited in a story at CNNMoney. The Fed study also debunks the notion that “the long-term unemployed will never find new positions,” according to the article.
The story highlights an ongoing debate between economists who believe that the US faces a new menace from long-term “structural unemployment” that signifies a shift in demand for skills — often referred to as a ‘mismatch’ problem — and “cyclical unemployment” that signifies a lapse in demand.
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