The number of Americans without a job for 27 weeks or more rose in August to the highest level in three years. The reason this matters? Labor market studies by the Federal Reserve show that individuals who experience joblessness for more than 26 weeks face increasing risk of becoming permanently detached from the labor force, contributing to structural unemployment in the economy. Unfortunately, this measure will likely increase in coming months as the full impact of long-term, pandemic-induced job losses in March begin to show up in the data.
About Kevin Depew
As RSM’s deputy chief economist and industry eminence program leader, Kevin provides RSM’s clients with macroeconomic and industry perspectives and insights they need to successfully manage their middle market businesses. He helps produce two unique reports—The Real Economy and the RSM US Middle Market Business Index—which offer insights into the trends and attitudes relevant to the middle market.
In addition to working with external clients and presenting the middle market economic perspective on webinars and at industry events, Kevin leads the firm’s industry eminence program. The program enables senior analysts across key client industries to forecast industry trends, including how artificial intelligence, machine learning and data will reshape business in the short- and longer term.