Will the long-term unemployed ever get back to work?

If there is little prospect of getting the long-term unemployed, who account for an unusually large share of the overall jobless rate, back into work then wage growth could accelerate faster than the Fed currently expects. That might eventually prompt a more aggressive monetary tightening. Even if these people do find new jobs, there is a good chance they will be less productive than existing workers, putting more downward pressure on the already muted growth rate of productivity.