Long-term unemployment is surging in the U.S. There are hidden costs for workers and the economy

In recent weeks, Parker Taylor reached a grim milestone in his work history. The 29-year-old had been employed consistently since he was a teen, first on a factory floor and most recently in medical sales. But the St. Petersburg, Florida, resident hasn't been able to land a new gig after losing his job shortly before the 2025 Thanksgiving holiday. Taylor is now one of the more than 1.8 million Americans classified as long-term unemployed — which the government defines as jobless for at least 27 weeks — in a given month this year. That figure is up about 45% from 2019 and 55% from 2023, a CNBC analysis of Bureau of Labor Statistics data found. "This can't go on much longer without some type of catastrophic change to my life," Taylor said. "That this era of my life could affect my long-term future — my family's future, my future children's future — is something that I go to sleep thinking about." Without a steady income, Taylor's retirement planning and long-term investing strategy has come to a "screeching halt." He's significantly cut back on spending for everything from food to social experiences to make ends meet. Taylor said he's applied to around 100 jobs and has completed several interviews to no avail. On a macro level, the growing number of Americans in this boat raises red flags about the strength of the labor market and overall economy. …