U.S. Workers Struggle in Worst Job Slump Since Great Depression
August 27—Jobless and underemployed workers are
suffering the worst job slump since the Great Depression, according
to Labor Market Left Behind, an Economic
Among the report’s main findings:
Even if predictions of stronger growth in the second half of 2003 prove accurate, unemployment will stay near 6 percent through most of 2004.
Employment opportunities have declined more for college graduates than for those without a high school degree.
Since the recovery began, the overall unemployment rate has gone up 0.6 percent. The increase for African Americans has been 1.3 percent.
Real wages of typical (median-wage) workers, which grew about 2 percent more than inflation through 2001, stopped growing entirely in 2002.
This is only the second recovery since World War II in which unemployment has not yet started to fall 29 months into a recovery.
The portion of underemployed workers—those working fewer hours than they want or in jobs for which they are overqualified—reached 10.2 percent in July 2003.
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