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30,000 Jobs Lost a Day in March |
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The bloodletting of U.S. jobs continues at an unprecedented pace: In March, the number of jobless workers worsened by 663,000, to 13.2 million, and the unemployment rate rose to 8.5 percent. That’s about 30,000 jobs lost for each work day in March.
In its monthly jobs report, the Labor Department sums up the latest data, which paint a dire picture of the labor market:
Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last five months.
Economic Policy Institute (EPI) economist Heidi Shierhotz doesn’t mince words about the shockingly bad unemployment rate:
This morning’s unemployment report offered no hint of light at the end of the tunnel. Instead, it showed that the labor market is still in its darkest months.
If those who are underemployed or who want a job but have given up looking are counted, the U.S. unemployment rate stands at a horrifying 15.6 percent—nearly 25 million Americans.
Worse, those who are jobless can’t find new employment.
According to the National Employment Law Project (NELP) and Institute for Research on Labor and Employment:
In March 2009, 24.2 percent of the jobless were out of work for more than six months, surpassing the previous recession peak of 19.8 percent in November 1982. There are nearly four jobless workers for every job opening, according to the groups, and long-term joblessness is likely to grow further in the months ahead. The long-term unemployed may approach or exceed 30 percent of all jobless workers by 2010.
This from Sylvia Allegretto, an economist at the Institute for Research on Labor and Employment:
Today’s jobless numbers are striking, given both the staggering number of newly unemployed as well as th swelling ranks of long-term unemployed. All the trends indicate that th worst is yet to come. Long-term unemployment usually peaks after the official end of the recession, but with levles already this high it is likely that long-term joblessness will hit an all-time record in the months ahead.
Job loss in March included a loss of 161,000 manufacturing jobs and 126,000 in the construction industry, where jobs have fallen by 1.3 millin since peaking in January 2007. Nearly half of that decline occurred over the past five months. Jobs in retail fell by 48,000.
The loss in manufacturing jobs, according to Scott Paul, executive director of the Alliance for American Manufacturing, shows tha the United States must
seek to rebalance trade flows, especially with mercantilist nations like China. G-20 missed in important opportunity this week when it failed to agree to smooth out global imbalances, which have been a contributing factor to the financial and economic turmoil we have experienced over the last 16 months. Until the United States balances its curren account, we’ll see continued weakness in financial and employment markets.
The past five months of job losses are the worse on record, since we began tracking this data in 1939.
As AFL-CIO President John Sweeney says:
It is unacceptable that America’s workers are suffering through the worst job loss in a generation while many politicians are still sitting back and standing in the way of reform. Fixing our unemployment problem is as important to ending the recession as addressing the banking system.
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FYI- More specific information on what is happening to auto workers may be in the future of all working people in the U.S.
Obama’s “Path to Viability for GM & Chrysler”: The ruthless language of
Wall Street
By Barry Grey
3 April 2009
http://www.wsws.org/articles/2009/apr2009/oatf-a03.shtml
On Monday, President Barack Obama issued a set of ultimatums to General Motors and Chrysler that represent the direct intervention of the US government to effect a brutal restructuring of the American auto industry in the interests of Wall Street.
Pres. Obama will fix this. I would like to see more data on the 1st qtr. this year. I think sales have gone up a bit and I believe more money has been invested into Mutual Funds. I am basing this prediction on CC (Consumer Confidence) because we have a new president who cares about the working class.
Also, remember, and this is important: The jobless rate is usually the last indicator to show that we are coming out of this recession.
The Obama administration has put too much emphasis on and money into the banks and finance companies. More effort and money has to go into creating American jobs, particularly in hard-hit industries and regions. The labor movement has to push Congress and the administration to this end, otherwise we will continue to lose half a million jobs a month.
I think there should be more focus on the corporations themselves rather than President Obama. In this computerized world, when ever there is the slightest down tick on management’s radar they want to lay off ten thousand people at the drop of a hat with out any regard to the consequences on the economy. The heck with anybody else, we’re going to get ours at the top regardless.
If new laws were passed to force corporations to pay a longer and larger amount into unemployment compensation with retraining benefits, maybe they would think twice about hacking and slashing so many jobs.
If there are no legal repercussions why should they care? And most of them don’t, they’ll lay off at the drop of hat and everyone suffers in a down economy.
Somebody in Washington has got to have the guts to rein in “big business” or the next stop is depression.
Stable quality jobs at living wages is the solution. Labor is not the enemy, he’s your next door neighbor.
Every dark night is followed by a bright sunny day. So, patience and attention is required and things will be fruitful in near future.
Barbara Brown
full time part time jobs
This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone.
I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone.The above thought is smart and doesn’t require any further addition. It’s perfect thought from my side.
Barbara Brown
full time part time jobs