Long-term unemployment is surging in the U.S. There are hidden costs for workers and the economy

Key points

• watch now In recent weeks, Parker Taylor reached a grim milestone in his work history.
• The 29-year-old had been employed consistently since he was a teen, first on a factory floor and most recently in medical sales.
• But the St. Petersburg, Florida, resident hasn't been able to land a new gig after losing his job shortly before the 2025 Thanksgiving holiday.
• Taylor is now one of the more than 1.8 million Americans classified as long-term unemployed — which the government defines as jobless for at least 27 weeks — in a given month this year.
• That figure is up about 45% from 2019 and 55% from 2023, a CNBC analysis of Bureau of Labor Statistics data found.