Reality of long-term unemployment

Picture the scariest thing you can think of. It’s guaranteed it's not nearly as scary as the real scariest thing in the world. That's long-term unemployment. So how long is  L O N G ?  Well …

There are two labor markets nowadays. There's the market for people who have been out of work for less than six months, and the market for people who have been out of work longer. The former is working pretty normally, and the latter is horribly dysfunctional.

To see a detailed discussion of the current labor market and its associated job filling characteristics see the complete article here.