Here's The One Number Janet Yellen Will Be Watching In Today's Jobs Report
So in today's jobs report, we'll be looking at long term unemployment (those jobless for 27 weeks or more), something that Yellen has said she keeps a keen eye on.
Here's Yellen speaking to the AFL-CIO in February:
Individuals out of work for an extended period can become less employable as they lose the specific skills acquired in their previous jobs and also lose the habits needed to hold down any job. Those out of work for a long time also tend to lose touch with former co-workers in their previous industry or occupation--contacts that can often help an unemployed worker find a job. Long-term unemployment can make any worker progressively less employable, even after the economy strengthens.
Essentially, people without a job for a long time tend to "forget" how to work - both in terms of ethic and the networking skills necessary to find employment.
In August, the number of long-term unemployed was 4.3 million, or 37.9% of the unemployed population. Over the past 12 months, that number has fallen by 733,000.
