A Frightening Look At The Labor Market Recovery (CHART) - HuffPo

[WillyT]

A Frightening Look At The Labor Market Recovery (CHART)
The Huffington Post | Ryan McCarthy
First Posted: 12- 5-10 12:58 PM | Updated: 12- 5-10 01:04 PM

<snip>

After Friday's grim jobs data, which showed that the U.S. added just 39,000 net jobs in November, it's worth noting again just how severely the recession has impacted the job market.

This disturbing chart -- repeatedly referred to as "the scariest job chart ever" by Henry Blodget -- from Calculated Risk shows, in percentage terms, how the job market has failed to rebound at the rates seen after previous recessions. "This is by far the worst post-WWII employment recession," Calculated Risk notes.

With 15 million officially unemployed, the job situation may actually be worse than the headline figures. As HuffPost's Peter S. Goodman noted, some 17 percent of Americans couldn't find enough work or had given up looking for work in November. Among black Americans the unemployment rate hit 16 percent, compared to 9.8 percent nationally.

<snip>



Link: http://www.huffingtonpost.com/2010/12/05/job-market-unemployment-chart_n_792202.html

:wow:

[Crazy Dave]

1. But corporate profits are at historic highs

And we're told that's a great thing. Obama has been great for capitalism but will it get him re-elected? Will he tell the unemployed in 2012 to "buck up" again and not listen to their fears?

Fear of what Mr. President? Losing their jobs? Their homes? Their retirement?

Those aren't fears Mr. President, they are realities no matter how good a job your "yes men" keep telling you that you're doing.

[Poboy]

2. Mr. Bush told us that having 2 jobs that do not pay enough is 'uniquely American"

I think Mr. Obama agrees.

[B Calm]

9. I thought it was three jobs. . . .

[IDemo]

14. Yes

It's at about 1:15 here - http://www.myspace.com/video/vid/12157414

[hedgehog]

15. It seems to me that Obama is well aware of the need for jobs

“What is a danger is that we stay stuck in a new normal where unemployment rates stay high,” Obama said on CBS’s “60 Minutes” program today. “People who have jobs see their incomes go up. Businesses make big profits. But they’ve learned to do more with less, and so they don’t hire.”

“Some of this is going to be just a matter of the economy healing,” he said.

Still, he said he will push for more investments in public works to keep construction workers employed while the economy recovers.

“Historically, rebuilding our infrastructure is something that has garnered Democratic and Republican support,” he said. “I want to have a conversation with them and see if that’s still the case.”

http://www.businessweek.com/news/2010-11-07/obama-fears-new-normal-of-high-profits-without-job-growth.html

[okieinpain]

20. but this is why i think it's all a setup. they are making tons of and

the worker productivity is up too. if there is no demand why are companies working the hell out of their few employees. I think they are not hiring on purpose.

[Crazy Dave]

21. I know two engineering firms here in town...

They both had over 100 employees three years ago, now both have less than 50.

One firm where I know several people made all of them take a $2 an cut in their hourly pay, then made them go on a salary for 32 hours, now they work six days a week, 9 - 10 hour days on "salary" and are dared to complain about it or go try and look for a job elsewhere. With the extra hours that they're working for free, it's just a guess but that's probably at least 15 - 20 more people that could be working.

I've heard pretty much the same is going on at a lot of engineering and architectural firms here in my town. I'm currently only working 24 - 32 hours a week at home but I do get paid for the work I do and not expected to do any for free. My previous employer wanted us to sit around his office for eight hours a day but only pay us for hours we could bill, no G.O. time, etc. while waiting on a project to begin or waiting for comments and revisions.

[okieinpain]

22. and that's a engineering firm with skilled workers, wow... n/t.

[Crazy Dave]

23. That's not all

There's a firm I recently left that has a state licensed architect from an accredited university working for $15 an hour. Before that he told me he had been out of work for 19 months.

[amborin]

3. K&R

[Major Hogwash]

4. Yet, somehow, the stock market made over $2 Trillion in the last 2 years!

Geez, I wonder how all of those corporations "recovered" so fast?

[Greyhound]

6. And that factoid is completely unrelated to the $9T of taxpayer debt obligations

that Larry "failing up" Summers poured in. Nor is it related to the legalized fraud that allows them to count massive liabilities as assets.

Learn it, live it, love it.

[Major Hogwash]

11. So, economics isn't your strong suit.

I think that DU should sell "crying towels" for all the crybabies that post here.
They could raise 1000s of dollars from all of the whiners.

[WillyT]

13. Oh, You Big Strong MAN, You...

:wtf:

[Greyhound]

16. According to three professors and the straight A's I earned, I have a pretty solid understanding

of economics. Do you have any understanding of what has, and is still being done, to us?

On edit; Did you miss my intended sarcasm in the previous reply? I didn't use the smiley.

[DemocratSinceBirth]

5. Any Sentient Person Knows This Economy Sucks

The sad thing is all the "tried and true" remedies have been tried and failed.

[w4rma]

7. When you canabalize your factories and jobs for short term profits this is what happens. (nt)

[WillyT]

8. Yep... And Apparently The Republican Jobs Plan, Is Similar To Its Health Plan...

Just Die!

:mad:

[Hell Hath No Fury]

25. BINGO.

Shed workers and gain huge profits. Re-employ at lower rates a few years later. Easy as frickin' pie.

Now they have a new, even better trick open to them.

Shed workers and gain huge profits. Hire cheap overseas labor who will happily work for a pitence. Even HUGER profits. Easy as frickin' pie.

[WillyT]

10. Kick !!!

:kick:

[knotwurstforware]

12. kicked and recommended

[SheilaT]

17. Hey! I had one of those census jobs.

[Poboy]

18. .

[snot]

19. Interesting to note the trend(s) in recovery times -- generally, it's been taking longer & longer,

but the trend reversed 1960-1980.

[rucky]

24. The Bush Tax Cuts just never had a chance to work.

:eyes: