US long-term unemployment is surging:
The number of Americans unemployed for 15+ weeks is up to 3.1 million, the highest since October 2021.
Over the last 3 years, this figure has soared +1.2 million.
During the same period, the number of unemployed Americans for 27+ weeks has risen +900,000, to 1.9 million, the highest since December 2021.
As a % of total unemployment, this metric rose to 26%, higher than all previous recessions, except the 2008 and 2020.
As a result, it now takes an average of 11 weeks to find a new job, the longest since 2021
The US labor market is weakening under the surface.
