Who Are the Millions of Americans Locked Out of the Job Market?

July 15, 2026

AI Summary

5 min read

For nearly two million Americans, the job market isn’t working. By most official metrics, the U.S. labor market looks strong: the economy has added jobs for four months straight, and the unemployment rate hovers around 4%. But the share of people who have been out of work for 27 weeks or longer—the long-term unemployed—is near its highest level since late 2021, when the economy was still recovering from the pandemic. Nori Karakashian, a 38-year-old CPA in Glendale, California, is one of them. “I’ve sent hundreds of job applications since early last year. I don’t know how many. Maybe I’m close to a thousand,” he told the Wall Street Journal. He says he is “this close to sending a job application to FedEx for a warehouse job that’s one hour away… to be a package handler.”

The Static Labor Market

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What you'll learn

1 (00:00) **Ad Break - RelyQuest** - Sponsored segment for cybersecurity firm RelyQuest.
2 (00:26) **Top News Headlines** - Quick rundown of the day's top stories: Trump on ICE traffic stops, Wall Street banks' trading year, and the labor market paradox.
3 (00:39) **President Trump Says ICE Should Keep Using Traffic Stops** - Trump pushes back against an internal ICE policy change that followed officer-involved shootings.
4 (01:52) **Acting Attorney General Todd Blanche Testifies on "Anti-Weaponization Fund"** - Blanche tells lawmakers the $1.8 billion fund is "dead" to secure his confirmation, but acknowledges legal complexities.
5 (03:20) **BlackRock Makes History with $15 Trillion in Assets** - The firm posts record quarterly results and CEO Larry Fink expresses optimism for global markets.
6 (04:01) **Wall Street Banks on Pace for Best Trading Year Ever** - WSJ reporter Ben Glickman explains how market volatility and margin lending are driving record trading revenue at the five largest investment banks.
7 (06:31) **Market Close & SpaceX Stock Dip** - Mega-cap tech stocks rise; SpaceX shares briefly fall below their IPO price.

+ Full timestamped outline available in the app

Guests on this episode

Harriet Torry

Show Notes

P.M. Edition for Wednesday, July 15. The U.S. labor market is in a great position, according to most key metrics. But two million people are still looking for work after six months or longer without a job. WSJ economic correspondent Harriet Torry explains who is being sidelined. Plus, Wall Street’s biggest investment banks are bringing in gargantuan hauls. What’s driving them towards their best trading year ever? We hear from WSJ reporter Ben Glickman. And President Trump says ICE officers should keep using traffic stops to arrest immigrants, just after the agency’s leadership suspended the stops. Danny Lewis hosts.

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