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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"The Labor Market Is in Worse Shape Than You Think!"
The Labor Market Is in Worse Shape Than You Think
By Morgan Korn | Daily Ticker 9 hours ago
VIDEO FOR VIEW AT SITE LINK:
The ADP National Employment Report revealed Wednesday that private employers hired 158,000 workers in March -- the smallest gain in five months and below economists' forecasts of around 200,000.
Many of these new jobs are in low-paying sectors such as retail, food services and health care. The Bureau of Labor Statistics (BLS) reported in February that retailers hired 252,000 new workers over the past 12 months and the industry overall has recovered 723,000 jobs since reaching a low in December 2009. In comparison, the construction industry has added just 349,000 new jobs since reaching its employment low in January 2011.
The U.S. economy overall has increased payrolls by 355,000 since the beginning of the year and more than 1.8 million in 2012. This Friday the BLS will give its latest snapshot of the domestic labor market. Economists are expecting an average gain of 200,000 jobs in March.
Thirty consecutive months of job growth has helped the U.S. economy recover from its darkest days in 2009, but the national unemployment rate still remains high at 7.7%. According to Robin Harding, U.S. economics editor at the Financial Times, the U.S. has shed nearly two million clerical jobs since 2007 while creating just 387,000 managerial positions, setting up a polarization in the labor market.
Were seeing this ongoing structural change as well as a cyclical change in the economy, Harding says. Someone finding a job in this economy may not be finding the kind of job theyd like to.
Harding says the shift to low-wage jobs from good, middle-class jobs such as construction workers, bookkeepers, typists, bank tellers and data entry employees, has led to growing income inequality. These positions have been replaced by modern IT systems that companies are using to cut costs and increase their bottom lines.
MORE AT:
http://finance.yahoo.com/blogs/daily-ticker/labor-market-worse-shape-think-151625059.html
MrSlayer
(22,143 posts)It's all over folks. This is the way it's going to be from now on. This is the price that Reaganism has exacted on us and remember, that son of a bitch won by gigantic landslides. The People happily voted to cut their own throats and every President since has followed in his corporate footprints. From Poppy and his Voodoo Economics, to Slick Willy and his NAFTA and Wall Street deregulation to the Chimp and his doubling down on trickle down to "Let's leave the past in the past" and keep the SEC/Wall Street revolving door well oiled Obama, they all have worked to further enrich the rich and stick it to the middle class. The multinationals that own this country's resources will leave us as a third world husk once they get our SS, Medicare and Post Office money. And they will get it.
There's not a damn thing that we can do about it. The bad guys won.
KoKo
(84,711 posts)He's Not Doing FDR...but REAGAN/BUSH....and he's getting bad, bad advice from the Gang of Wall Street folks in his Administration.
I realize he had to do something to put a Band-Aid on the bleeding after Wall Street Collapse that happend on Bush's Watch...but...SHEESH...I thought he would be intelligent enough to be a FAST LEARNER as to what went on there!
WHERE IS HE ...THESE DAYS? I really try to give him some slack...but, he still keeps catering to Wall Street and look what it's doing to the Country and the people who got their butt out there and voted him in for a SECOND TERM...who were promised he would do better because he was so "hog tied" by Bush bad policies in his FIRST TERM?
When does Obama WAKE UP and become the President we voted for TWICE!???????
Witan00
(51 posts)I realized early during Obama's first term that he was going to be a lame duck. Now, I'm beginning to think that he's not even a lame duck, but that he just doesn't care.
With Manchurian candidates like Clinton and Obama as president, why do we even support the Democratic party anymore? They just don't care anymore, and it's time for them to be replaced by another party that *actually* represents us.
bhikkhu
(10,730 posts)just wondering who you think "cares".
bluestate10
(10,942 posts)grasswire
(50,130 posts)MrSlayer
(22,143 posts)The Reagan landslides changed everything. They turned us from a bottom up society to a top down society. They legalized bribery and purchased the politicians. Even if Obama wanted to do the right thing he couldn't. The game is over, the Reaganites are in the positions of power in both parties and there is no one to fight for the people anymore. Sure we have a few Senators and the progressive caucus but no one that has any real teeth, no one that can do anything except shake their fist in impotent rage.
Obama isn't asleep or naive or dumb, this is what the owners want for us.
duffyduff
(3,251 posts)Demo_Chris
(6,234 posts)MrSlayer
(22,143 posts)If you read what I wrote you would see that.
bhikkhu
(10,730 posts)just saying...
And that article could have been written at any time during the last 40 years that I remember. Technology has been steadily replacing good middle-class typists and office workers since long before that, not to mention automation of manufacturing (which is replacing off-shoring, at least). Construction at least should pick up through this spring, which is something.
L0oniX
(31,493 posts)antigop
(12,778 posts)MrSlayer
(22,143 posts)Just not for us. For the people she works for, yeah.