Long-term unemployment is surging at an alarming pace: The number of long-term unemployed Americans jumped to 1.94 million in August, the highest since November 2021. The number of Americans unemployed for 27 weeks and over has more than DOUBLED since December 2022. As a result, the share of individuals unemployed for more than 27 weeks rose to 26.3%, the highest since February 2022. This marks a near 10 percentage point increase in just 20 months. It also means this percentage now higher than in all previous recessions, excluding 2020 and 2008. The US job market is declining.(The Kobeissi Letter)