The Real Jobs Numbers
Published: Nov 07 2003
To read the complete article,
click here-- http://www.tompaine.com/feature2.cfm/ID/9351
Excerpts and headings--
Many in the media
have underestimated the severity of the current labor slump by focusing on the unemployment rate and the gains in real hourly
wages. If you look at the numbers, the current slump is setting records in terms of sustained job loss, and the decline in
wage and salary income, among other areas. Why should you be skeptical of those who report a rosy future in the job market?
A number of factors must be considered in order to understand the severity
of the current labor slump:
- The record length of time that jobs have failed to recover...
- The growth in the working age population since the recession
began in March 2001...
- The effect of the "missing" labor market on the unemployment
- The loss of wage and salary income..
The U.S. labor market has remained mired in a slump since the recession began
in March 2001. This Briefing Paper compares the severity of the current labor slump with that of earlier slumps in terms of
both depth and duration, and in terms of both absolute decline and the decline relative to a target based on keeping pace
with population growth. Because of the extended period of job loss, the current labor slump is the most severe on
record by several important measures ...
For more information on jobs and the economy, and to read the full briefing
paper, "Understanding The Severity Of The Current Labor Slump" by Lee Price with Yulia Fungard, please click here.