In the latest update on the U.S. job market, it’s becoming clear that many job seekers are in for a long haul. About 20% of those searching for work have been looking for 10 to 12 months, or even longer, without any luck. That’s according to a recent report by FORTUNE.
The situation is part of a broader trend where hiring in the private sector has been on a steady decline for 29 months straight. This marks the longest streak of its kind since the Great Financial Crisis. December saw the hiring rate drop to 3.6%, which is the second-lowest in the past decade. This rate is almost as low as it was during the peak of the COVID-19 pandemic back in 2020.
This prolonged downturn has left many Americans frustrated and financially strained. With fewer job opportunities available, it’s affecting consumer spending and overall economic growth. The challenge for policymakers and business leaders is to find ways to stimulate hiring and support job seekers during these tough times.
Sources:
https://www.fortune.com/2025/02/20/20-percent-job-seekers-long-search-no-luck/
https://www.cnn.com/2025/02/07/economy/us-jobs-report-january-final/index.html