Sunday, May 27th, 2012

Where Job Searches Take the Longest

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Thursday, May 27, 2010 at 4:04 pm

The Economic Policy Institute has posted a new study of the average duration of unemployment by state. The report shows that workers wait longest for jobs in Michigan and South Carolina, and that last month “the median length of unemployment in the United States was 21.6 weeks, up from 15.1 weeks in 2009 and well over double the median unemployment spell of 8.4 weeks at the start of the recession in December 2007.” The study includes this map showing the median length of unemployment — or how long it takes, on average, to find a job.

The map demonstrates the regionalization of the remaining recession: Where it takes longer to get a job, there tends to be a higher rate of unemployment, steeper declines in home values, higher rates of foreclosure and more severe state budget deficits. Compare the above graph with those below.

This shows the rate of foreclosure (from RealtyTrac).

And this shows the rate of unemployment (from the Bureau of Labor Statistics).

And this shows each state’s deficit as a percentage of its budget (from the Center for Budget and Policy Priorities).

The charts show that states like Michigan, California, Nevada and Florida are fighting harder battles on more fronts — and will take much longer than the rest of the country to normalize economically.

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Categories & Tags: Economy/Finance| | | | | | | | | |

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