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Unemployment Duration

March 20, 2019

When considering the unemployment numbers, not only do we look at how many people are unemployed but also for how long.

While many of the headlines talk about our economy being near or at full employment, the reality is there is a mismatch between those who are seeking a job and the skills employers say they need.

Since the Great Recession, the duration of unemployment (average 23 weeks) continues to be longer than other post-recession periods.

We continue to be strong believers in retraining programs that help meet employer needs. We also suggest if you are currently employed, it is prudent to know how your skills might translate to job hiring requirements in case you are laid off. If your skills don’t match up, identify ways to gain the current skill set to keep you employable.

If you are over 50 – this is especially important. According to an analysis conducted by ProPublica and the Urban Institute, 56% of older workers experience at least one involuntary layoff. Should this happen to you, work with your Financial Advisor to help sort out how to use your savings, expenses and assets. And, try to be as up-to-date on your skills as possible to enhance your ability to find a new job sooner rather than later.

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