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Looking at the financial crisis beginning in the US, roughly 13 million people were unemployed in 2009. Of these, 2.6 million were unemployed for less
Looking at the financial crisis beginning in the US, roughly 13 million people were unemployed in 2009. Of these, 2.6 million were unemployed for less than 5 weeks, 3.5 million were unemployed for 5 to 14 weeks, 2.9 million were unemployed for 15 to 26 weeks, and 4 million were unemployed for 27 or more weeks. Assume that the average spell of unemployment is 2.5 weeks for anyone unemployed for less than 5 weeks. Similarly, assume the average spell is 10 weeks, 20 weeks, and 35 weeks for the remaining categories
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