"1.6 million long-term unemployed in the U.S....50% more than two years ago"

An increasing number of unemployed people in the U.S. are unable to find a new job after losing their jobs, the Wall Street Journal reported.

As of November last year, U.S. Labor Department statistics showed 1.6 million unemployed people had not found a new job for more than six months, up more than 50% from the end of 2022.

The average time spent looking for a new job after unemployment was about six months, up about a month from early 2023.

The U.S. unemployment rate remained relatively low in November last year at 4.2% compared with pre-pandemic conditions, but below the surface, it is weaker than it looks, the Wall Street Journal said.

Wall Street is paying keen attention to the December employment report, which is scheduled for the 10th, amid concerns that the U.S. labor market, which had been suffering from job shortages, is now suffering from a job shortage.