From the Economic Policy Institute:
The pain caused by persistently high unemployment is not limited to workers who are currently unemployed, a new Economic Policy Institute (EPI) briefing paper finds. The economic damage extends to the broader workforce and the country in general through lost wages, income and wealth, as well as higher poverty. The national unemployment rate is currently 9.1%, and it has been at or above 8.8% for the past 28 months. The underemployment rate has remained between 15.7% and 17.4% since the spring of 2009, and it currently stands at 16.1%.
Sustained, high joblessness causes lasting damage to wages, benefits, income, and wealth by EPI President Lawrence Mishel and economist Heidi Shierholz explains that the monthly unemployment and underemployment rates do not capture the full picture of how many U.S. workers experience labor market distress. Roughly 31% of U.S. workers experienced unemployment or underemployment at some point in 2009. The unemployment rate also does not capture how severe the problem of long-term unemployment is—the share of unemployed workers who have been out of work for over six months has hovered around 45% for more than a year. Finally, the unemployment rate as it is experienced by children is higher than the national average. In 2010, the unemployment rate averaged 9.6%, but 10.6% of children had at least one unemployed parent.
To read the rest of this article and the twenty-six page briefing paper, click here.