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Long-term unemployment falls by 357,000 people but is still elevated
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cnbc.comAbout 357,000 Americans fell off the long-term unemployment rolls in October, as the labor market's pandemic recovery gained steam.
That decline continues a steady downward trend since the spring. Almost 2 million people have left long-term joblessness since March 2021, the pandemic-era peak.
The improvement comes on the back of an October jobs report that beat expectations and marked an acceleration in job growth from August and September. The economy added 531,000 payrolls last month.
«The positive development that is the decline in the long-term unemployment number I think is indicative of the overall labor market recovery,» said Nick Bunker, economic research director for North America at the Indeed Hiring Lab.
«We're actually seeing
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