University of Texas at Austin

Friday, September 4, 2009

Assessing the economy on Labor Day

Daniel Hamermesh

Daniel Hamermesh

Prof. Daniel Hamermersh, a professor in the Department of Economic, manages to use a bit of biology to explain the impact of long-term unemployment on the economy in an interview on the College of Liberal Arts Web site.

Do you expect the trend toward long-term unemployment to continue?

My guess is the percentage of long-term unemployment will keep on rising for a while. While the recession bottoms out it takes a while for people to get hired again. It’s like a rat going through a snake, a lot of it may get digested, but it’s still pretty clear that the rat is moving down the track.

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