From the Daily News:
The longest recession since World War II has spawned a painful phenomenon.
Nearly 10% of the city's unemployed job hunters have been out of work for two years, says James Parrott, chief economist at the Fiscal Policy Institute.
Economists define long-term unemployment as going more than six months without a job. Two years - that's something else entirely.
"This is extreme unemployment," said Frank Braconi, the city's chief economist.
With unemployed New Yorkers topping 400,000 for the first time in at least 25 years and their average time out of work hitting seven months, extreme unemployment won't soon disappear.
This can't be. Bloomberg promised to create 400,000 jobs, not lose them.