Report: Time It Takes to Find a Job is Off the Charts

Jun 8, 2011 2:24pm

ABC News' Dan Arnall (@abcmoneyguy) reports: We’ve seen the headline numbers from the monthly jobs report; losing a job means a long stint without employment these days. The median period of unemployment is now at a historic high; 39.7 weeks according to the May Report. That’s the highest it has ever been in the history of the survey. A new research report from the Bureau of Labor Statistics dug into this trend to offer new details on how long it takes to make the transition from unemployed to employed and found that 11 percent of job seekers took a year or longer to land a new job. Another off-the-chart reading. Data included in the report shows that between 2000 – 2008 about half of all unemployed people found a job within five weeks. Last year, a little more than a third of jobseekers were able to land a new position in that amount of time. And the trend – which was most recently reported by Ron Claiborne on World News – of it getting harder to find a job the longer you look is fleshed out here, too. The report says that if you’ve been unemployed for less than five weeks, you have a 30 percent chance of finding work in the next month. For those unlucky folks who have been out of work for almost seven months, the chance of finding a job in the next four weeks drops to just 10 percent. Possibly more concerning is the issue of those folks who just give up their search, frustrated by the lack of available positions. The report shows the average respondent who gave up did so after about 20 weeks of job hunting in 2010.

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