U.S. Bureau of Labor statistics:
Employment Situation:Economic News release
The Civilian Non-institutional population represents all citizens over age 16 eligible to be employed. This measures the flow of workers entering the job market and those retiring.
–Current: 240.27 million; up 198,000 from last month; up 1.74 million in the last 12 months (from 238.53million).
Employment is a moving target. In a healthy economy, around 60% of those newly eligible look for employment, so about 1.05 million new jobs per year must be filled just to keep the unemployment rate stable.
The Civilian labor force represents employed and unemployed workers actively looking for work.
–Current: 154.20 million; up 181,000 from last month; up 238,000 in the last 12 months (from 154.00 million). On average the labor force is increasing by 35,000 workers per month.
–Employed workers: 140.30 million; up 277,000 from last month; up 1.218 million in the last 12 months (from 139.08 million).
–Unemployed workers: 13.90 million; down 95,000 from last month; down 979,000 in the last 12 months(from 14.88 million).
–Civilian population not in the labor force: 86.07 million; up 17,000 from last month; up 1.50 million in the last 12 months (from 84.57 million).
At the start of the recession, 62.7% of the population was employed. Currently it is 58.4%.
–Unemployment rate (Civilian labor force unemployed workers) was basically unchanged at 9.0 percent.
Nonfarm payroll employment represents the Civilian labor force in selected industries (does not count farm workers).
–Current: 131.516 million; up 80,000 jobs from last month; up 1.50 million the last 12 months (130.015), increased by 2.09 million since the February 2010 low (129.246 million).
Private sector employment represents nonfarm payroll employment (not counting government workers).
–Current: 109.537 million; up 137,000 jobs from last month; up 1.82 million in the last 12 months (107.713).
Government employment represents federal, state and local government employment.
–Current: 21.979 million; down 34,000 jobs from last month; down 323,000 in the last 12 months (22.302).
Bottom Line: October:
Although hiring slowed in October, the unemployment rate hit a six-month low to 9.0 percent as job gains in the prior two months were revised to 102,000 higher than previously estimated, pointing to some momentum improvement in the economy’s weak labor market.
In the current reporting month, private employers added 104,000 jobs offset by a reduction in government payrolls by 24,000. The BLS household survey which determines the unemployment rate has shown job gains for three straight months that more than offset the increase in the labor force.
The number of people who want to work but have given up looking for jobs and those working part time for economic reasons, fell after a nine-month high in September. The average length of unemployment retreated from the September high of 40.5 weeks.
Early last year, 75 percent of the unemployed labor force were receiving benefit checks. The figure is now 48 percent. Nearly one-third of America’s unemployed have had no job is more than a year. Nearly 46 million unemployed are no longer eligible for benefits and are surviving on food stamps.
For those who are hired in present times rather than prior to 2008, the can expect their starting salary to be lower than then. Many people who have been out of work for a considerable length of time would take the job anyway.
According to FINS’ informal Sign or Decline survey, 65% of 750 respondents said they’d sign onto their dream job even if they were to be paid less than their coworkers. Unfair and unreasonable? Certainly, but according to the PayScale Index that tracks changes in compensation for full-time, private-sector employees, salaries for people with equal skills and qualifications have been trending lower since the end of 2008, when the recession was at its peak.
Before the recession hit, workers were sometimes paid above-market wages when jobs were more plentiful than the talent to fill them. Today, when jobs are fewer than the talent applying for them, companies have their pick and are hiring employees with those same skills in many cases below market averages. Companies often could not retain talent if they try to cut salaries of seasoned staff, so they offer less to new hires instead.
That can be tough to deal with, especially for workers with a solid career history behind them. For them, they may not ever earn as much as they did five years ago, or even as much as their new coworkers. It is hard to accept that they will always earn less than a coworker who started earlier, but that is the hard truth of today’s economy.
For those who are early in their careers, the current reality might not match their expectations while in college or graduate school, but if they are able to start with a company, and grow and expand their responsibilities, they may attract bigger raises down the line.
Some companies complain that they can’t find workers to hire, but they also are only looking for the perfect employee.
Workers receiving offers should research objective information on salaries to make sure they’re not being ripped off. Consider if the pay offered is due to the current business reality or something less rational like college affiliation or personal relations.
Finally, consider whether working is better than being unemployed and whether another offer will be forthcoming before unemployment benefits run out. And salary is also not the only way to measure compensation. Consider employee benefits and how the job will fit into your life.
Many companies are shifting their hiring strategies, especially in finance, consulting and consumer products, filling their ranks with less experienced and younger workers with fewer credentials who can still do the job effectively.
For this month, the Conference Board shows that the:
- Consumer Confidence Index® (short-term outlook) decreased to 39.8 from last month’s 46.4 (1985=100).
- Present Situation Index (optimism or pessimism about current conditions such as unemployment) decreased to 26.3 from last month’s 33.3 rating.
- Expectations Index (optimism or pessimism about future conditions) decreased to 48.7 from last month’s level of 55.1 on American optimism.
Americans are not happy about the present or the future.
Nonfarm payroll employment gained 80,000 in October. Previous month changes were: September (+158,000); August (+104,000[rev]); July (+127,000); June (+20,000); May (+53,000); April (+217,000); March (+194,000); February (+235,000); January (+68,000); December (+121,000); November (+93,000); October (+210,000).
Census workers peaked at 564,000 workers in May 2010.
The quarterly average nonfarm payroll job data has three-month averages at: August through October (+114,000); May through July(+66,667); February through April (+215,333).
Between January 2007 and December 2009, 6.9 million workers were displaced from jobs they had held for 3 years or more. By January 2010, 49 percent of them were reemployed, but not necessarily in the same industries they had worked before.
Average weekly hours and overtime
The average workweek for production and non-supervisory employees employees remained consistent at 33.7[+.1] hours;average hourly and weekly earnings increased slightly to $19.53[+0.10] with weekly earnings at $658.16.
These figures closely correlate with overall output and when workweek hours increase give clues when firms will start hiring.
Over the past 12 months, average hourly earnings have risen by 1.9 percent while the Consumer Price Index for All Urban Consumers (CPI-U) increased by 3.9 percent. Cost for food at home has increased by 6.3 percent, gasoline by 33.3 percent, and fuel oil by 33.4 percent.
The number of persons working part time for economic reasons in non-agriculture industries (sometimes referred to as involuntary part-time workers) decreased by 374,000 to 8.9 million. These persons had their hours cut back to 34 hours or less (-62,000) or could only find part-time work (-221,000). The number of persons working part time for non-economic reasons increased by 84,000.
The number of persons not in the labor force but marginally attached to the labor forceincreased by 44,000 to 2.55 million).These are workers who wanted and were available for work, and had looked for work sometime in the last 12 months. They had not looked for work in the last 4 weeks and so were not considered part of the labor force. This number is down by 47,000 from 2.60 million a year ago.
Among the marginally attached workers, the number of discouraged workersdecreased by 70,000 in the current month to 967,000. These are persons no longer looking for work. This number has decreased by 252,000 from a year earlier.
Long-term unemployed persons (jobless for 27 weeks and more) decreased by 366,000 to 5.88 million this month. This is more than 4.4 times the number at the start of the recession in December 2007 (1.327 million). 42.4% unemployed persons are in this category or 3.8% of the work force. In 2009, 3.42 million were added to that number, but in 2010 only 308,000 were added. So far in 2011, that number has decreased by 358,000.
The average duration of unemployment has increased to 39.4 weeks. A year ago it was 33.9 weeks. At the start of the recession the average length of unemployment was 16.6 weeks. Half of the unemployed regain employment in 20.8 weeks, 0.5 more than a year ago.
The long-term unemployed number is down by 834,000 workers since the May 2010 high of 6.71 million.
Unemployment spreads stayed relatively the same with the highest among teenagers (24.1%), followed down by African-Americans, then Hispanics. The lowest unemployment started with Asians (7.3%), followed up by Adult women (8.0%), Whites then Adult men (8.8%).
Construction lost 20,000 jobs in October. Previous month changes were September (+26,000): August (-14,000); July (+10,000);June (-7,000); May (+3,000); April (+4,000); March (+5,000); February (+30,000); January (-32,000); December (-16,000); November (-2,000); October (+4,000).
The quarterly average construction job data has three-month averages at: August through October (-24,000); May through July(+2,000); February through April (+13,000).
Currently, there are 5.525 million construction jobs, an increase of 31,000 from a year ago (5.512 million). In December 2007, there were 7.5 million.
Manufacturing gained 5,000 jobs in October. Previous month changes were September(-3,000): August (-1,000); July (+34,000);June (+14,000);May (-2,000); April (+28,000), March (+20,000);February (+33,000); January (+49,000);December (+14,000); November (+15,000); October (-4,000).
The quarterly average manufacturing job data has three-month averages at: August through October (+333); May through July(+15,333); February through April (+27,000).
Currently, there are 11.759 million manufacturing jobs, an increase of 220,000 from a year ago (11.539 million). In December 2007, there were 13.73 million.
The Institute for Supply Management said manufacturing activity expanded for the 27th consecutive month. The ISM manufacturing index (PMI) read 50.8. A reading above 50 indicates growth, and a PMI above 42 percent over a period of time indicates an expansion of the overall economy.
Of the 18 manufacturing industries, 8 are reporting growth led by Computer & Electronic Products; Petroleum & Coal Products; Food, Beverage & Tobacco Products.
Retail trade gained 17,800 jobs in October. Previous month changes were September (+13,300); August (+2,500); July (+28,500);June (+11,500);May (+2,800), April (+64,100); March (-5,600);February (-8,100); January (+27,500);December (+2,800); November(-15,600); October (+38,200).
The quarterly average retail job data has three-month averages at: August through October (+11,500); May through July(+14,267); February through April (+16,800).
Currently, there are 14.612 million retail trade jobs, an increase of 156,100 from a year ago (14.456 million). In December 2007, there were 15.57 million.
Employment in retail trade has increased by 264,000 since its low in December 2009 (14.348 million).
Professional and Business Services gained 32,000 jobs in October. Previous month changes were September (+50,000); August (+45,000); July (+39,000); June (zero); May (+44,000); April (+45,000); March (+75,000);February (+44,000); January (+31,000); December (+54,000); November (+85,000); October (+40,000)
Professional and Business services consist of legal, accounting, management consulting, administrative and support services. In hard times, they are the first to be trimmed. In recovery, the jobs grow in these fields, as employers emerge from survival mode.
The quarterly professional business services job data has three-month averages at: August through October (+42,333); May through July(+27,667); February through April (+93,000).
Currently, there are 17.321 million professional business services jobs, an increase of 562,000 from a year ago (16.759 million). In December 2007, there were 18.05 million.
This is one of the largest job growth fields. Employment in this industry has increased by 938,000 jobs since its low in September 2009(16.383 million).
Temporary help services (a subset of Professional and Business Services) gained 15,000 jobs in October. Previous month changes were September (+21,100); August (+22,600); July (+13,500); June (-7,000); May (-1,000); April (-5,400); March (+30,000); February (+22,700); January (-11,400); December (+38,100); November (+26,800); October (+27,200)
The quarterly temporary help services job data has three-month averages at: August through October (+19,567); May through July(+1,833); February through April (+15,767).
Currently, there are 2.306 million temporary help services jobs, an increase of 169,100 from a year ago (2.137 million). In December 2007, there were 2.55 million.
Temporary hiring is the first step to permanent hiring as employers see if revenues justify the extra help.
Educational Services gained 11,000 jobs in October. Previous month changes were September (+11,900); August (+4,600); July (+15,800);June (-,900);May (-4,900); April (+6,200); March (-2,500);February (+4,000); January (-100); December (+5,400); November (+6,800); October (+25,000).
The quarterly average educational services job data has three-month averages at: August through October (+9,167); May through July(+3,333); February through April (+2,567).
Currently, there are 3.248 million educational services jobs, an increase of 78,500 from a year ago (3.170 million). In December 2007, there were 2.98 million.
Health care and Social Assistance gained 16,300 jobs in October. Previous month changes were September (+46,100); August (+34,100); July (+37,400);June (+18,800);May (+26,000), April (+34,000); March(+36,000);February (+36,200); January (+12,900);December (+27,900); November (+30,900); October (+42,100).
The quarterly average health care and social assistance job data has three-month averages at: August through October (+32,167); May through July(+27,400); February through April (+35,400).
Currently, there are 16.873 million health care and social assistance jobs, an increase of 348,500 from a year ago (16.524 million).
This is one of the largest job growth fields. Employment in this industry has increased by 1.295 million jobs since December 2007 (15.577 million).
Government employment (federal, state, local, U.S. Postal Service) lost 24,000 jobs in October. Previous month changes were September (-33,000); August (+15,000); July (-46,000); June (-34,000); May (-46,000); April (-24,000); March (-25,000); February (-30,000); January (-14,000); December (-18,000); November (-35,000); October (+17,000).
The quarterly average government employment (federal, state, local, U.S. Postal Service) jobs have been dropping (except for the Census bubble) over the last nine months and has three-month averages at: August through October (-14,000); May through July(-42,000); February through April (-26,333).
Currently, there are 21.979 million jobs, a decrease of 323,000jobs from a year ago (22.302 million). In December 2007, there were 22.38 million.
Federal government (except U.S. Postal Service): Currently, there are 2.195 million jobs, a decrease of 5,300 jobs from a year ago (2.200 million). In December 2007, there were 1.974 million.
U.S. Postal Service: Currently, there are 617,500 jobs, a decrease of 29,100jobs from a year ago (646,600). In December 2007, there were 781,300.
State governments education: Currently, there are 2.393 million jobs, a decrease of 13,900 from a year ago (2.394 million). In December 2007, there were 2.33 million.
State governments (excluding education): Currently, there are 2.665 million jobs, a decrease of 86,900 from a year ago (2.752 million). In December 2007, there were 2.81 million.
Local governments education: Currently, there are 7.862 million jobs, a decrease of 118,400 from a year ago (7.980 million). In December 2007, there were 8.053 million.
Local governments (excluding education): Currently, there are 6.247 million jobs, a decrease of 81,400 from a year ago (6.329 million). In December 2007, there were 6.428 million.
Employment explained:
To restore employment to the 5.5% level, 5.42 million workers will have to regain their job or start new a job.
The government and economists foretell that the “normal” unemployment rate will move up to 7% from its current 5.5% level.
To get to the 7% level, 3.10 million workers need jobs. 10.793 million workers will still be unemployed under the new standard.
The Civilian labor force has increased in the past 12 months by 238,000.
Unemployment is a moving target that can only be battled with new industries and local jobs.
Our recession history of unemployment:
| Unemployed | Rate | 2009-2010 | Unemployed | Rate | 2010-2011 | |
| (millions) | Pct | (millions) | Pct | |||
| 14.6 | 9.5 | June 2010 | 14.6 | 9.5 | July 2010 | |
| 14.9 | 9.6 | May | 14.8 | 9.6 | August | |
| 15.1 | 9.8 | April | 14.7 | 9.6 | Sept | |
| 14.9 | 9.7 | March | 14.9 | 9.7 | Oct | |
| 14.9 | 9.7 | Feb | 15.0 | 9.8 | Nov | |
| 14.8 | 9.7 | Jan 2010 | 14.4 | 9.4 | Dec 2010 | |
| 15.2 | 9.9 | Dec 2009 | 13.9 | 9.0 | Jan 2011 | |
| 15.2 | 9.9 | Nov | 13.7 | 8.9 | Feb | |
| 15.6 | 10.1 | Oct | 13.5 | 8.8 | March | |
| 15.1 | 9.8 | Sept | 13.7 | 9.0 | April | |
| 15.0 | 9.7 | Aug | 13.9 | 9.1 | May | |
| 14.7 | 9.5 | July | 14.1 | 9.2 | June | |
| 14.8 | 9.5 | June | 13.9 | 9.1 | July | |
| 14.5 | 9.4 | May | 14.0 | 9.1 | Aug | |
| 13.7 | 8.9 | April | 14.0 | 9.1 | Sept | |
| 13.3 | 8.6 | March | 13.9 | 9.0 | Oct<=Current | |
| 12.7 | 8.2 | Feb | Nov | |||
| 11.9 | 7.8 | Jan 2009 | Dec 2011 | |||
| 10.8 | 7.0 | <=Economist target |
Over the last 12 months, net 1.218 million jobs were filled in the Civilian labor force, but if you are unemployed, the rate is 100%.
Where are the jobs?
It comes as no surprise that the occupations with the largest job growth in 2008 and projected to 2018 are in the fields of network systems and data communication and all aspects of the medical field, followed closely by financial examiners (accountants, auditors, etc.).
The largest job growth fields also include office and administrative support jobs, sales and service jobs, teachers and jobs in construction and transportation.
Education and employment go hand in hand.
The following table shows that unemployment is consistently greater for those with less education. It also shows that workers over 55 (women more than men) are more likely to remain employed).
| Unemployment by Education Level | ||||||||
| Employed | Not grad | Only grad | Some | College | Age over 55 | |||
| (millions) | Pct | HS | HS | college | degree | Men | Women | |
| Dec 2007 | 146.173 | 5 | 7.80% | 4.70% | 3.90% | 2.10% | 3.20% | 2.90% |
| Dec 2008 | 143.188 | 7.4 | 11.2 | 7.8 | 5.9 | 3.7 | 5.2 | 4.3 |
| Dec 2009 | 137.792 | 10 | 15.3 | 10.5 | 9 | 5 | 7.9 | 5.8 |
| Dec 2010 | 139.206 | 9.4 | 15.3 | 9.8 | 8.1 | 4.8 | 7.2 | 5.8 |
| Oct 2011 | 140302 | 9 | 13.8 | 9.6 | 8.3 | 4.4 | 6.9 | 6.6 |
| Dec-Oct | +277K | -0.4 | -167K | -142K | +81K | -159K | +51K | +84K |
The Census Bureau surveys 72,000 households from 754 sample areas across the country to insure an accurate demographic survey. This translates into about 110,000 individuals. All the counties and county-equivalent cities are grouped into 2,007 geographic sampling units, each totally within their state borders and 754 of these units are selected to accurately represent the entire population of the United States. For a detailed explanation, see the BLS Handbook of Methods.
Each month, one-fourth of the interviewed households are rotated out. They rejoin the sample after eight months, are interviewed for another four months, and then are rotated out forever.
Each month, during the week containing the 19th day, 2,200 highly trained Census Bureau employees conduct interviews in the sample households for information on labor force activities (job holding and job seeking) or non-labor force status of household members.
This sampling method results in a 90+ percent probability that the results will be within 0.2 percent (30,000) of the 154.2 million workers in the Civilian labor force. A monthly total census would be cost-prohibitive.
Questions are specifically formulated so that neither the interviewer nor the persons interviewed decide their labor force classification. This prevents the sample from being distorted by respondents providing answers based on their opinion or what a “right” answer should be.
The basic concepts of employment are:
| 1. | People with jobs are employed | |
| 2. | People who are jobless, looking for jobs and available for work are unemployed. | |
| 3. | The sum of people employed or unemployed constitute the Civilian labor force. | |
| 4. | People who are neither employed nor unemployed are not in the Civilian labor force. | |
| 5. | People who are either institutionalized in a facility (correctional, residential nursing or mental health) or on active duty with the Armed Forces are not counted. |
The unemployment rates are extrapolated from the survey results.
The quoted unemployment rate excludes people who have stopped looking for work because they believe no jobs are available (discouraged workers) and others outside the labor force. They are counted separately.
The president credits his $787 billion stimulus package of tax cuts and increased government spending with improving employment. He hopes to create about 3.5 million jobs. Lower estimates put that figure at 2 to 2.5 million jobs by the end of 2010, reducing the unemployment rate to 8%.
The Fed’s record-low interest rates, along with other moves to drive down loan rates and stimulate borrowing, have supported the economic rebound.
The president sent The Small Business Jobs and Wages Tax Cut to Congress on January 10, 2010 to try to stimulate more hiring. It focused on small businesses, because as the president stated, “Over the past fifteen years, small businesses have created roughly 65 percent of all new jobs in America.” The proposal included:
- Businesses will receive a $5,000 tax credit for every “net” new employee that they employ in 2010, capping at $500,000 per firm (and $250,000 for new firms) to ensure that the majority of the benefit goes to small businesses.
- Small businesses will be reimbursed for the Social Security payroll taxes they pay on real increases in their payrolls. Specifically, firms that increase wages, expand hours or hire new workers would get a credit against the added payroll taxes that result. This bonus would be based on Social Security payrolls, up to the individual taxable maximum of $106,800.
- Firms can claim the credit on a quarterly basis, returning money quickly to businesses, providing an early incentive to hire and increase payrolls.
- The Recovery Act tax incentives will be extended for depreciation of capital spending.
- There will be increased loan guarantees from the Small Business Administration (SBA), and an elimination of SBA fees.
- There will be increased investments in roads, highways, bridges and other construction, and grants to state and local governments to create jobs and avoid layoffs
President Obama noted that this proposal would be worked into the various other proposals that have already advanced in Congress, such as The HIRING Act of 2010 and The Jobs for Main Street Bill of 2010.
Because the Troubled Asset Relief Program (TARP) program (signed into law by President George W. Bush on October 3, 2008) cost much less than expected. Originally expected to exceed $300 billion, the Congressional Budget Office (CBO), as of December 10, 2010 estimates the program will cost only $19 billion, freeing up more than $200 billion to pay for other parts of the jobs program, without increasing projected federal deficits.
Updated Oct 28, 2011;
$496,335,082,990 has been awarded
$426,206,928,301 (85.87%) has been paid out to the states
Read: How the Stimulus Is Changing America
Recession histories:
Total unemployment peaked at 15.7 million (10.1%) in October 2009 rising from 7.7 million (5.0%) in December 2007 and from 11.6 million (7.6%) in January 2009.
Payroll employment decreased by 4.5 million jobs in 2009, wiping out all the jobs created in the private sector over the last decade.
With Nov 1982 unemployment at 10.2%, and the government taking aggressive action, it was still more than five years (April 1988) from the peak before unemployment receded to 5.4%.
The approach that time, however, was to fix the economy at the expense of the worker.
Some compare the fall in employment to 1974-1975 and 1981-1982. If the comparison is accurate, the peak in unemployment may be reached within the next four to five months (past performance is no guarantee of the future).
Economist William Polley made a chart that includes every recession since World War II. It makes the chart pretty hard to read, so he simplified it with selected post-WWII recessions.
William Polley’s chart shows how the recovery from the 2001 recession took four years for employment to return to its February 2001 peak.
Using the Department of Labor unemployment tables of unemployment rates and 5.5% as the “normal” rate of unemployment, I have analyzed things a little differently. Of course, along the way, the Civilian labor force increases, so the percentages represent ever more workers.
The following table shows unemployment start dates, peaks and returns to the normal rate of 5.5%, Civilian labor force in millions of workers for that year, and the lengths of times from the start date in months:
Recession peaks 1974-2011:
| Millions | Labor | Recession | ||||
| Unemployed | Pct | Force | Growth | Length | ||
| Start | July 1974 | 5.5 | 91.9 | |||
| Peak | May 1975 | 8.4 | 9.0 | 10 mos | ||
| Return | May 1979 | 5.6 | 104.9 | 0.1 | 4 yrs 10 mos | |
| Start | May 1979 | 5.6 | 104.9 | |||
| Peak | Nov 1982 | 11.9 | 10.8 | 3 yrs 6 mo | ||
| Return | Apr 1988 | 5.4 | 121.6 | 0.2 | 8 yrs 11 mos | |
| Start | Nov 1990 | 6.2 | 125.8 | |||
| Peak | May 1992 | 9.7 | 7.6 | 18 mos | ||
| Return | Dec 1994 | 5.5 | 131.0 | 0.0 | 4 yrs 1 mo | |
| Start | Nov 2001 | 5.5 | 143.7 | |||
| Peak | June 2003 | 9.2 | 6.3 | 19 mos | ||
| Return | Feb 2004 | 5.6 | 146.5 | 0.0 | 2 yrs 3 mos | |
| Start | Dec 2007 | 7.7 | 5.0 | 153.7 | ||
| Peak | Dec 2009 | 15.7 | 10.1 | 24 mos | ||
| Return | Oct 2011 | 13.9 | 9.0 | 154.1 | 0.0 | 3 yrs 10 mos |
| My predicted return | 6 yrs 0 mos | |||||
| Dec 2013 | ||||||
Note that the unemployment peak period that started in 1974 and ended in 1979 (lasting nearly five years) was followed immediately by another peak period ending nearly nine years later. By the end of that period, the work force had increased by more than 32%, meaning overall, almost 30 million new jobs had to be created.
The aggressive increase in the Civilian labor force in that period can likely be attributed to post-World War II babies reaching adulthood, with some entering the labor force after secondary school and the rest entering the workforce after further education.
The periods from 1988 to 1990 and 1995 to 2007 were periods of prosperity, with low unemployment (but a building bubble). Here is the same data in graphic form:
Unemployment rates:
The last time Americans suffered through an unemployment peak of this magnitude was in 1982, that took roughly seven years to return to a “normal” rate. But it was followed almost immediately by another upsurge which took another eight years to correct. The total recovery time was nineteen years from the peak. We can only hope that this recovery is shorter. And it can be shorter if consumers focus on ‘made or grown in America.’
A closer look at unemployment for this recession only:
We live in hope (past performance is no guarantee of the future).
The next Economic Jobs report will be found at:
Economic Picture: November 2011 released December 2, 2011
The last Economic Jobs report will be found at:
Economic Picture: September 2011
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