10/06/2026
It’s a pretty good time to have a job — and a really bad time to be looking for one.
At 4.1%, the official unemployment rate is lower than its historical average of more than 5%, signaling a seemingly steady labor market.
Beneath the surface, however, are signs that it has lost some of its dynamism.
It’s reflected in current measures of long-term unemployment. The share of workers who’ve been out of a job for 27 weeks or longer now stands at 27%, the highest since 2015 outside of the Covid-19 pandemic. The median spell of unemployment lasts about 11 weeks, and the average is more than six months, suggesting rising levels of long periods of joblessness.
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