US long-term unemployment is surging: The number of Americans unemployed for 15+ weeks is up to 3.1 million, the highest since October 2021. Over the last 3 years, this figure has soared +1.2 million. During the same period, the number of unemployed Americans for 27+ weeks has risen +900,000, to 1.9 million, the highest since December 2021. As a % of total unemployment, this metric rose to 26%, higher than all previous recessions, except the 2008 and 2020. As a result, it now takes an average of 11 weeks to find a new job, the longest since 2021 The US labor market is weakening under the surface.(The Kobeissi Letter)