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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 27 June 2013 [View all]Demeter
(85,373 posts)7. Some Unemployed Keep Losing Ground (BIG SHOCK TO READERS OF WSJ)
http://online.wsj.com/article/SB10001424127887323998604578565253887893738.html?mod=dist_smartbrief
The recession ended four years ago. But for many job seekers, it hasn't felt like much of a recovery.
Nearly 12 million Americans were unemployed in May, down from a peak of more than 15 million, but still more than four million higher than when the recession began in December 2007. Millions more have given up looking for work and no longer count as unemployed. The share of the population that is working or looking for work stands near a three-decade low.
Yet the job market is recovering. (SAYS WHO?) The unemployment rate has fallen to 7.6% from a peak of 10%. Employers have created 5.1 million jobs since the end of the recession and 6.3 million jobs since the labor market bottomed out in early 2010. And for all the attention on monthly ups and downs, job growth has held to a fairly steady pace of about 175,000 jobs a month over the past two years.
The trouble is that the pace is still far too slow to fill quickly the huge hole created by the recession. Even if the rate of hiring doubled, it would take more than three years to get employment back to its prerecession level, after adjusting for population growth, according to estimates from the Brookings Institution's Hamilton Project...
MORE STUFF WE REPORTED HERE MONTHS IF NOT YEARS AGO...
The recession ended four years ago. But for many job seekers, it hasn't felt like much of a recovery.
Nearly 12 million Americans were unemployed in May, down from a peak of more than 15 million, but still more than four million higher than when the recession began in December 2007. Millions more have given up looking for work and no longer count as unemployed. The share of the population that is working or looking for work stands near a three-decade low.
Yet the job market is recovering. (SAYS WHO?) The unemployment rate has fallen to 7.6% from a peak of 10%. Employers have created 5.1 million jobs since the end of the recession and 6.3 million jobs since the labor market bottomed out in early 2010. And for all the attention on monthly ups and downs, job growth has held to a fairly steady pace of about 175,000 jobs a month over the past two years.
The trouble is that the pace is still far too slow to fill quickly the huge hole created by the recession. Even if the rate of hiring doubled, it would take more than three years to get employment back to its prerecession level, after adjusting for population growth, according to estimates from the Brookings Institution's Hamilton Project...
MORE STUFF WE REPORTED HERE MONTHS IF NOT YEARS AGO...
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