The number of long-term unemployed fell by 136,000 in November, continuing a downward trend since early 2021 as the economy and labor market have rebounded.
However, the decrease was the smallest since April, when long-term unemployment fell by 35,000 people.
Long-term unemployment is a period of joblessness that lasts more than six months. It's a financially precarious time for individuals, who generally by then no longer qualify for unemployment benefits. It may also cause lasting damage like lower future wages or more difficulty finding a job.
The number of long-term unemployed can drop for "good" reasons (people finding a job) or "bad" reasons (people getting discouraged by job prospects and discontinuing their search for work).