12/04/09 Stockholm, Sweden – This morning the Bureau of Labor Statistics announced that unemployment declined slightly to 10% in November, and so the sticking point of joblessness — in this now five-month old “recovery” — remains. It’s becoming increasingly apparent that jobs are simply not coming back.
According to the Wall Street Journal, “The job market is getting less bad, but a full recovery remains a distant hope.” This is because there’s, “a mountain of data suggesting the recovery from this recession will be just as jobless as the prior two.”
Here are a few of the facts covered:
* The rate of jobless workers who are permanently laid off is at a record 55.1 percent… these people have no hope of returning to their previous work.
* About 9.3 million Americans, another record, are employed part time only because they can’t find better full time opportunities.
* Initial jobless claims are down, but the number of Americans drawing regular or extended unemployment benefits, roughly 10 million, remains consistent.
The WSJ suggests that developments in globalization and technology have made it easier for companies to avoid hiring. Those two key factors have only become more embedded in the economy since the good old days, you know, when real recoveries actually included jobs.
Learn more of the details in the Wall Street Journal’s coverage of jobless recoveries as the new normal.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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