Sunday, August 02, 2009

From the New York Times

Via Firedoglake. Direct quotes from The Times are in italics:

...Long-term unemployment (as a percentage of the workforce) has now outrun all previous recessions since this data began to be collected in 1948, and even more bad news is lurking under the numbers.

At the height of unemployment in 1982, one of every five unemployed workers was on a temporary layoff, with the expectation they would be recalled, sooner or later. Today the comparable figure is 1 of 10...

Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution...

For every job that becomes available, about six people are looking...

The media are talking (again)about signs that the recession may be bottoming out. So what happens to unemployed people, if this is a jobless recovery? And what the heck is a jobless recovery? How does the country recover, if the country's people don't have work?


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