Thursday, December 31, 2009
Year Over Year Changes in UEMPMED
So how is the "recoveryless recovery" (seen written in all seriousness, can't make that up!) treating the hapless jobseeker now that we are seeing a decline in new claims?
Well, as of the November, 2009 data point not all that well. I decided to take a look at the year over year changes in the median duration of unemployment (UEMPMED). I chose that series over the Mean Duration (UEMPMEAN) so as to limit the impact of outliers and the pre-Great Recession chronically unemployed on the number.
What we are looking at is the amount of time in weeks in which 50% of the people move off of the UE rolls...and the amount of time required is accelerating through November on a year over year basis.
St Louis Fed FRED: UEMPMED