10 Reasons Employment Is Worse Than You Think
Posted Jul 14, 2009 09:26am EDT by Joe Weisenthal in Media, Newsmakers, Recession
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From The Business Insider, July 14, 2009:
Mort Zuckerman (of all people) has an op-ed in today's WSJ explaining why the jobs situation, which is quite clearly horrific, is even worse than you think.
Here are his points, condensed
185,000 workers in the June number were the product of statistical sampling, but could not be verified by the government.
Companies are asking employees to take unpaid leave.
1.4 million unemployed workers weren't counted because they're not searching for work.
Part-time employment has doubled to 9 million.
The work week is 48 minutes shorter than when the recession began.
The number of long-term unemployed (4.4 million) is at an all-time high.
There were no wage gains in June.
The goods-producing sector lost over 223,000 jobs just in June.
When business picks up, businesses will just add hours to existing workers, rather than create new jobs.
Old business lines are being eliminated entirely, not shrunk down, decreasing the odds that the unemployed will be able to find work.
Says Zuck: It's time for a serious second stimulus -- not a hodge podge of pork and transfer payments, but a truly big and bold infrastructure program (like what we were promised the first time, but which didn't happen) to put people to work. |
