"The hiring rate fell to a low last seen during the early pandemic and before that, the aftermath of the Great Recession. More than seven million unemployed Americans are facing a job market that, by hiring measures, looks like a recession."
"As of March, more than a quarter of unemployed Americans had been looking for work for 27 weeks or more, up from about 18% three years earlier. The statistic underscores how the slow pace of hiring is keeping people out of work longer."
The US economy is not officially in a recession, but job seekers face a challenging market reminiscent of one. Hiring rates have dropped to levels seen during the pandemic and post-Great Recession, with over seven million unemployed Americans struggling to find work. This situation creates a split labor market, stable for employed individuals but difficult for job seekers. Many are experiencing prolonged job searches, with a significant increase in those unemployed for 27 weeks or more, highlighting the financial toll of this 'job seeker recession.'
Read at www.businessinsider.com
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