US Job Losses Severe
The U.S. economy has lost the equivalent of every job created in the past nine years.
All job growth since the final year of the dot-com bubble, its recovery from the bust, and the ensuing six years of consumer-driven boom is now gone, leading some economists to fear an outright decline in wages will be next. Others believe the United States is on track for a painful “jobless recovery.”
“This is the only recession since the Great Depression to wipe out all jobs growth from the previous business cycle, a testament both to the enormity of the current crisis and to the extreme weakness of jobs growth over the business cycle from 2000 to 2007,” said Heidi Shierholz, an economist at Washington-based think tank The Economic Policy Institute. “It is apparent that, despite the substantial positive impact of the February recovery package, the economy’s dramatic deterioration from November to March was even greater than anticipated.”
Non-farm employment fell for the 18th consecutive month in June, dropping by a worse-than-expected 467,000, U.S. Bureau of Labor Statistics figures showed Thursday. The decline marked the longest run of job destruction in the post World War II period.
Since the recession began in December 2007, the jobs market has shrunk by 6.5 million positions, pushing the unemployment rate up 4.6 percentage points to 9.5% — the highest rate since 1981. Nine million part-time workers are in want of full-time jobs, and a record 29% of unemployed have been jobless for more than six months.
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Mitch Says:
The scariest part of this whole article is that we still have far further to fall before any rebound.
Posted on July 3rd, 2009 at 12:07 pm
Cynapse Says:
Unfortunately, North America enjoyed two major growths perpetuated on lies -
1) Dotcome companies that did not produce anything of value
2) Complicated house financing schemes that produced derivatives were no value
The economic downturn seems to be a natural unwinding of this unnatural growth.
Posted on July 3rd, 2009 at 12:44 pm
Mr.g Says:
Hopefully when things get bad enough they can start tossing out all the millions of illegal immigrants.
Posted on July 4th, 2009 at 12:56 am