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Long-term unemployment tumbles to its pre-pandemic level, helping to 'mitigate the risks of labor-market scarring'

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Long-term unemployment tumbled below its pre-pandemic level in July, the U.S. Department of Labor said Friday, as an unexpectedly strong showing of job gains buoyed workers broadly across the economy.

Long-term joblessness is a period lasting at least six months. Those without work that long are exposed to more financial risks, since they've generally exhausted eligibility for unemployment benefits and it becomes harder to find another job during lengthy unemployment spells.

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