A recent report by Rutgers University, entitled "No End in Sight: The Agony of Prolonged Unemployment," describes the pervasive nature of unemployment among people who lost their jobs during the recent recession.
The report is based on a national survey of 900 people who were unemployed in August 2009. Participants were then re-interviewed six months later in March 2010.
The study found:
- 8 in 10 who lost jobs during the “Great Recession” are still without work;
- Only 13% of August 2009 job seekers found full-time work by March 2010; and
- Less than 10% of the unemployed obtained jobs at least on par with their previous wage or salary level.
Among those who remained unemployed for at least six months:
- More than half borrowed money from family or friends, 45% have increased credit card debt, and 70% have used money saved for retirement.
- 4 in 10 went without medical care for themselves of family members.
- 1 in 5 moved in with family or friends to save money.
- Only 12% of those over 50 found full- or part-time work (compared to 21% of those between 30 and 49 and 29% of those between 18 and 29).
The report authors concluded that the “inability of these job seekers to find new opportunities is an economic and cultural disaster. ... It is difficult to speak of economic recovery as long as these long-term unemployed continue to be left behind. ”