US loses 2 million jobs in two years; worst hiring slump in almost 20 years...

New York Times ^

[RCW2001]

February 7 2003

The US economy has fallen into its worst hiring slump in almost 20 years, and many business executives say they remain unsure when it will end.

The job decline is even worse than it was at a comparable point in the so-called jobless recovery of the early 1990s, according to recently revised statistics from the Labor Department. The economy has lost more than 2 million jobs, a drop of 1.5 per cent, since March 2001, as the layoffs continued despite resumption of economic growth more than a year ago.

About 1 million people appear to have dropped out of the labor force since last northern summer, neither working nor looking for a job.

The surge in discouraged workers, the most significant since immediately after the recession's start, suggests the pain has worsened even though the official unemployment rate, which counts only people looking for work, held steady at 6 per cent in December.

"Last year," said Tom Koehn, 50, who lost his job at a machinery maker in South Bend, Indiana, in May, "I heard a lot of people say, 'Come back after the first of the year; if the economy picks up, we might hire some people'. But so far, I haven't found anybody who's hiring

The shortage of jobs has also slowed wage growth so that only workers in the most affluent groups are still gaining ground on inflation, ending a six-year streak of broad increases in buying power.

Manufacturers of durable goods like computers, furniture and steel have made the deepest cuts, with one of every nine jobs in these industries eliminated since early 2001. Airlines, brokerage firms and makers of clothing and textiles have also each cut at least a tenth of their work forces.

Executives say they have been disappointed too many times by the halting growth of the last year to begin hiring workers in significant numbers, though the government is likely to report today that the economy added some jobs in January.

New York research group the Conference Board said December help-wanted advertisements in newspapers across the country fell to the lowest level in almost 40 years.

The New York Times

[GoreIsLove]

If we deported the 8 million illegals, there would be jobs to spare.

i don't think many would be interested in the types of jobs that illegal aliens do.

[Nataku X]

Perhaps it is time to establish a federal affirmative action law in hiring practices and in college admissions that is citizenship-based (rather than race-based).

But here's a hint: Both Republicans and Democrats want the illegals' votes. To lose a large amount of Latino vote is to lose the election.

[the gillman@blacklagoon.com]

I hear that rhode island towns are supposed to be looking. Don't have any specifics.

[Jorge]

The surge in discouraged workers, the most significant since immediately after the recession's start, suggests the pain has worsened even though the official unemployment rate, which counts only people looking for work, held steady at 6 per cent in December.

6 per cent unemploynment used to be considered virtual full employment.
Guess these people have forgotten the double-digit unemployment under Carter.

[Hila]

They mean less jobs for Americans, but there are always millions of jobs for those who came through our borders illegally. When is America going to get her head and heart back? Enough of letting the aliens take our jobs and land!

[JeanLM]

I am not sure of the facts of this claim. I'm checking now, but even if there has been a drop from March 01 to an unspecified time in 2002 (I'm sure 2003 no's. are not out), what is to be made of this? The total non-farm employment is over 130,000,000 workers. The participation rate is still very high by historical standards. Since we have been in a period of economic slowdown, some drop in employment is "normal"... even necessary. Productivity is still growing and that is healthy.

The December 01 to December 02 change in employment was a minus 181,000. That's in the decimal dust for large numbers like this. One could also say that the economy has added 3.3 million jobs since January 1999.

The NY Times picked March 01 because it was the highest employment ever recorded.

[sheik yerbouty]

Make the jihadists PAY for the economic damage. The oil would be a start!

[INSENSITIVE GUY]

One should'nt be surprised,the government and industry has squandered away all our manufacturing jobs.Everybody can't work behind a computer,sometimes you have to get off your as* and actually DO SOMETHING!

[Tamzee]

Gute Zeile :-)

You sound nice, we could send you some of OUR extra politicians... there are some we have no use for at all :-)

Tammy

[Afronaut]

Not for 5 buck and hour. Landscaping jobs with hard working guys here in NJ used to pay 12-20 an hour. And the contractor could pay it. Now he picks up a truck load of Mexicans pays them 5 bucks and lets them drink from a garden hose. They work 12 hour + days. The Contractor pockets the difference and drops them off on the corner at dark. If they get hurt they are dropped off at the ER in town, if the Homeowner is robbed they move a few states away.

This is the same for all those type trades. The extra cash is in the contractor’s pocket. Thank you open borders.

[LouD]

If we deported the 8 million illegals, there would be jobs to spare.

Somehow, I don't think that an illegal worker is sitting in the Director/VP of Strategy, Marketing, or Business Development slot that I'm waiting for. If we deported them, I could probably find a job mowing lawns, washing dishes, or doing day labor - None of which particularly appeals to me. The impact of this recession has fallen disproportionately on white collar workers - and not many of those jobs are held by illegals.

[LouD]

Make the jihadists PAY for the economic damage. The oil would be a start!

Yup. I demand reparations!

[ETERNAL WARMING]

And that's in addition to the 35 million jobs lost after NAFTA was passed. Just what do you Capitalists expect to pull us out of the recession....service sector jobs? You're destroying the USA. You are traitors. You are also hypocrits. You go to the Politicians insisting on the passing of new laws forbidding us to exercise the same offshore privilege better known as "online shopping" so that we have to buy from you. You're killing your own market, stupid.

[ETERNAL WARMING]

until we run out of money, then we use our credit cards

until we run out of credit...which is why we aren't recovering on any noticable level but rhetoric. Free Trade will succeed in causing a global crash, just as predicted in the Bible.

There is really no point in arguing. Time will tell who is right and who is wrong, but the signs are definitely leaning in my direction.

[ETERNAL WARMING]

Could they be on un-employment and/or dead?

Or could they have been forced into crime. There's that.

[ETERNAL WARMING]

And George Bush did nothing to prevent it.

Au contraire, Bony. He did everything in his power to expand and expedite it.

Welcome to the newest third world country.

[ETERNAL WARMING]

This is just not a time where these workers are needed or desirable, unless you're a CFO looking for the government to subsidize labor costs with programs for the poor immigrant workers.

Bingo. What few jobs remain are being taken by under the table illegal labor and the legal traitorism known as H1B visas. Thankyou Jorge for expanding the program. We're in deep trouble folks.

[ETERNAL WARMING]

Saw an article today that claims the government employees now outnumber the private sector, no society can last long that way.

If it isn't true it soon will be. Government is probably the only growing sector in the country.

[ETERNAL WARMING]

don't think many would be interested in the types of jobs that illegal aliens do.

Oh yeah. Not many want to build houses, work in airconditioned airports, prepare food in nice restaurants...

[ETERNAL WARMING]

And they both want cheap labor...keeps the contributions rolling in. Funny, if you break the laws by not enforcing them, are you still guilty? If so, our politicians on both sides of the aisle are from the criminal class.