Notes on long-term unemployment

Long-term unemployment is one of the biggest concerns among lawmakers and job-seekers as the economy inches toward recovery.

The Federal Reserve focused on the topic in a recent report, exploring the causes and implications - and raising a few interesting points. Some highlights:

The number of people out of work more than six months has reached levels not seen in the U.S. since the Great Depression. The share of long-term unemployed peaked at 46 percent of all job-seekers in mid-2010, for instance - nearly double the previous peak of 26 percent in the early 1980s. From 1960 to 2010, the average length of unemployment was about 14 weeks. By comparison, the average duration of unemployment in mid-2010 was 35 weeks.

The increase is a result (unsurprisingly) of a more difficult job market than those that followed past recessions, meaning fewer people exiting unemployment, the Fed found.

The availability of extended jobless benefits can affect how long someone remains out of work, the report said. That's because those benefits give job-seekers the ability to hold out for a better offer. The Fed cites a survey that estimated increasing jobless benefits - by as many as 73 weeks, in some cases - might have lengthened the average duration of unemployment by two to six weeks. Still, the Fed notes, that's well below the actual 18-week increase in the average length of unemployment from 2008 to 2010 - meaning other factors are at play.

Older workers do indeed have a harder time finding a job than their younger counterparts, the Fed reported. The average length of unemployment for older workers is more than twice that of younger workers, despite an unemployment rate for older workers that's less than half that of younger ones. That means older workers are less likely to lose their jobs, but once they do, they have a slimmer chance of finding new jobs than younger workers.

What do you think of the Fed's findings?

In other economic news:

Goodwill Industries of the Southern Piedmont has teamed up with Central Piedmont Community College to help veterans find work. Using a grant from Microsoft Corp. of cash and software, worth as much as $8 million, the groups will provide vets and their families with services such as technology training and career counseling. For details, visit www.goodwillsp.org/operationindependence.

Queens University of Charlotte will host a program June 6 about women and finances. "Financial Outlook for Women Across Race & Culture in Today's Economy" is being presented by the Women's Inter-Cultural Exchange and TIAA-CREF. It features a panel discussion and luncheon focusing on women's relationships with money and financial planning. Registration is $15 for inter-cultural exchange members and $20 for nonmembers. For details or to register, visit http://www.wi-ce.org/.