Final answer:
The duration of most unemployment spells is 14 weeks or fewer, and most people who are unemployed at a particular time are experiencing spells with varied duration.
Step-by-step explanation:
The duration of most unemployment spells is 14 weeks or fewer, but most people who are unemployed at a particular time are experiencing spells with varied duration.
In 2019, there were typically about 6 million unemployed people in the U.S. economy, and about two-thirds of them found a job in 14 weeks or fewer. However, the unemployment rate did not change much during the year because those who found new jobs were offset by others who lost jobs.
This is because destroyed jobs are counterbalanced by a larger number of jobs created during periods of economic growth.