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Apropos Quote: The most formidable weapon against errors of every kind is reason. - Thomas Paine
Friday, 25 February 2011 15:59
Last Updated on Friday, 25 February 2011 16:12
The US economy gained over a million jobs in 2010. Good news eh? Barley enough to scratch the surface of the over 8 million jobs lost in the great recession. Even worse news, over half of the new jobs are low wage aorund $10 an hour jobs. According to a new report released by the National Employment Law Project.
Job losses were skewed toward mid- and especially higher-wage industries, whereas during the past 12 months, job growth was skewed toward mid- and especially lower-wage industries:
- Lower-wage industries constituted 23 percent of job loss, but fully 49 percent of recent growth
- Mid-wage industries constituted 36 percent of job loss, and 37 percent of recent growth
- Higher-wage industries constituted 40 percent of job loss, but only 14 percent of recent growth
During the Great Recession, the US lost more than 8.84 million private sector jobs, and to date has only managed to reduce that deficit by 1.26 million. Fully 13.9 million workers are still unemployed, nearly half of them for more than six months. Job creation, then, is still an urgent and immediate need for our economy.
The current recovery looks worse than the “jobless” recovery of the 2001 recession, on several fronts:
- After a year of positive job growth, the private sector after the 2001 recession had recovered almost half (47 percent) of the jobs it had lost. By contrast, to date the private sector has recovered only 14 percent of the jobs it lost during 2008 and 2009.
- The early job growth following the 2001 recession was more balanced than the early job growth following the 2008 recession, with significantly more growth in higher-wage industries.
The findings suggest that for unemployed workers, as well as for those seeking to move up in the labor market or entering it for the first time, the current distribution by wage level of job opportunities has deteriorated, compared to before the recession.
Latest Comments
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I was approved for eb which would have been my final 20 weeks I am seeking as have been any employment. it is sad when you can't even get the minimum paying jobs ...
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I live in Texas and have just had my Tier IV benefits (13 weeks) "triggered off" as of May 12th. Everyone that I know is unemployed. I don't know where the state ...
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There is also another company who has had their name stolen, Hostmonster INC, a legit web-hosting company has had their name stolen. They are the newest victims ...
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Walker in WI can twist the numbers however he likes-but the reality is this...since walker's coming into office, over 30,000 WI jobs have been lost--and now ...
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..so i called Colorado unemployment and they said "Yes" for Federal Extended benefits...i will let you know..
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