State of the Union: Only 1 in 10 Long-Term Unemployed Find Work

“NEW YORK (CNNMoney) — We all know by now that it’s hard for the long-term unemployed to get back into the workforce.

But just how hard is it? Economists at the San Francisco Federal Reserve put a number on the odds.

In the first few weeks after losing their jobs, about 3 in 10 people are able to find work.

But after about a year of being out of work, the chances of landing a job fall to just 1 in 10 per month.

People with the best job prospects tend to find new opportunities fairly quickly. But those who come from industries that are downsizing or who have outdated skills can wind up unemployed for many months or even years.”