Unemployment Periods are Shrinking

Posted on February 21st, 2020

Workers are spending less time unemployed according to data compiled by the Department of Labor. The number of workers that are unemployed for a period of 27 weeks or more fell to 1,186,000 in December 2019. The data reveals that workers are finding jobs quicker and that companies are hiring at a faster pace.

Unemployment time has been consistently decreasing since September 2019, a positive observation as noted by economists. A 50-year low for the unemployment rate has contributed to shortened unemployment periods for workers, as demand for skilled labor has gradually increased.

Source: Department of Labor