For millions of Americans, it's taking months to find a new job as labor market slows
CBSN
The unemployment rate might be near a historic low, but it's taking longer for hundreds of thousands of out-of-work Americans to find new jobs, signaling cracks within a once-hot labor market as employers continue to cope with the impact of higher borrowing costs.
About 40% of the 7 million people who were out of work in October, or roughly 2.84 million people, have been looking for work for more than 15 weeks, an increase of 20% since a year earlier, according to data from the Bureau of Labor Statistics. More than half of those job seekers have been on the hunt for new employment for more than 27 weeks, or about half a year.
A drawn-out job search is increasingly common in the labor market today as companies hold off on hiring, especially in some industries such as tech and professional services, ZipRecruiter chief economist Julia Pollak told CBS MoneyWatch. It's a far cry from the heady years of 2021 and 2022, when Americans switched jobs at high rates in search of better pay and more fulfilling work, a trend termed "The Great Resignation."
In southwest Atlanta, Black-owned businesses are keeping the history of their neighborhoods alive – and it all starts with a cup of coffee.
A Hawaii man who spent 30 years in prison for a murder he long denied committing declared the day "Freedom Friday" and said he was eager to visit his mother after a judge ordered him released because of new DNA evidence.
Hamas has handed over three more Israeli hostages to the Red Cross in the latest exchange under the fragile ceasefire.
The Defense Department said Friday that it's cutting about 5,400 probationary workers starting next week and will put a hiring freeze in place.
A federal judge on Friday blocked a sweeping executive order from President Trump that sought to end government support for programs promoting diversity, equity and inclusion.
The Department of Justice has eliminated its national database that tracked misconduct incidents among federal law enforcement officers.
Former Proud Boys national leader Enrique Tarrio was arrested Friday near the U.S. Capitol on a charge that he assaulted a woman protesting a gathering attended by Tarrio and others who received presidential pardons for crimes stemming from the Jan. 6, 2021, riot in the nation's capital.
The Associated Press sued three Trump administration officials Friday over access to presidential events, citing freedom of speech in asking a federal judge to stop the 10-day blocking of its journalists.
The Trump administration is considering moving the U.S. Postal Service, an independent federal agency, under the Commerce Department, two sources tell CBS News.
Washington — A federal judge on Friday declined to block the Trump administration from putting thousands of employees with U.S. Agency for International Development on administrative leave and recalling others from overseas, clearing the way for the president to resume his efforts to overhaul the agency as part of his plans to slash the size of the federal government.
An attorney employed by U.S. Immigration and Customs Enforcement allegedly made "racist, bigoted, xenophobic, hateful, harassing and dishonest" posts on an X account where he tried to hide his identity, according to a legal complaint filed against him.
Michael Sayih and Max Fink share a common goal: to make history together. The South Florida natives are regular racing partners who have competed in 5K, Iron Man and marathon events around the world. Their current goal is to become one of the first Duo Teams — one athlete pushing the other in a wheelchair — to complete six Abbott World Marathon Majors together.
Elon Musk's Department of Government Efficiency, known as DOGE, has continued to slash through federal agencies, firing workers and canceling contracts. But as it tallies its savings online, there are continuing indications that the group, which President Trump has referred to as Musk's team of "super geniuses," is overstating its achievements.