From the We Are So Screwed file: A 13.9 million “effective” jobs gap

[Political Heretic]

Source: http://www.epi.org/publications/entry/jobs_picture_20100305/">The Economic Policy Institute
The labor market is now roughly 11.1 million jobs below what would be needed to return to pre-recession of unemployment. And even the 11.1 million jobs gap understates the slack in the labor market because it fails to take into account the decline in hours worked for those workers who have kept their jobs.

At the start of the recession in December 2007, the length of the average workweek in the private sector was 34.7 hours. In February, it was 33.8 hours. The decline in the total number of hours worked in the private sector since the start of the recession attributable to reduced hours alone is equivalent to 2.8 million jobs.

This means that the “effective” gap in the labor market is on the order of 13.9 million jobs. --From Heidi Shierholz' February Jobs Picture.

[jody]

1. Employed stats include those who are under-employed, some who work for near minimum wage but once

earned six figure incomes.

[LeftHandPath]

2. IBM layed off another 2500 this week...

while earning record profits.

Only in Amurika.

[ipaint]

3. Thanks, I was still using the 8 million number which is now way off.

I keep asking the "look on the bright side" folks where the good paying jobs are going to come from...still no answer.

[Political Heretic]

5. Yeah, sadly almost 40% off :(

[OhioChick]

4. K&R n/t

[Greyhound]

6. K&R