Long-term joblessness worries Americans as hiring stays weak

More than 1.8 million Americans have been jobless for 27 weeks or longer—the highest level since 2017, excluding the pandemic. The median jobless spell rose to 10.2 weeks in July, up from 9.5 weeks a year ago.

Hiring slows despite low unemployment
Though the unemployment rate remains low at 4.2%, job growth has been sluggish, and labor force participation has dropped to a two-year low. Fewer people are actively job hunting.

Several job seekers are accepting lower-paying roles or considering early retirement. The job-switch pay bump has also disappeared.

Overall, sentiment among job seekers has fallen to pandemic-era lows.