01/27/2011 - This economic downturn has been characterized by worse long-term unemployment than any other since the government began keeping records in 1948. But even as the economy begins to recover, long-term unemployment continues to plague millions of Americans, according to a report released Thursday by the Pew Charitable Trusts' Fiscal Analysis Initiative.
About 30% of those out of work in December 2010 had been without a job for a year or more, Pew said. That's more than 4.2 million people -- roughly the population of Kentucky. Although long-term unemployment affects all age groups, as the above chart shows, more older workers are having trouble getting back to work.
About 40% of all unemployed adults ages 55 to 64 have been out of work for a year or more. Contrast that with people ages 20 to 24 -- only 21% of them have been out of work for a year or more. The majority of the younger age group has been out of work for less than 26 weeks, Pew said.
Read the full post Long-Term Unemployment Plagues All Ages, Report Says on the Los Angeles Times Business Blog.