New Unemployment Stats: “Worst Hiring Slump in 20 Years”

February 6th, 2003  |  Published in Uncategorized

The New York Times says we’re in the worst hiring slump in twenty years:

“The employment decline has become even worse than it was at a comparable point in the so-called jobless recovery of the early 1990’s, according to recently revised statistics from the Labor Department. The economy has lost more than two million jobs, a drop of 1.5 percent, since the most recent recession began in March 2001, as layoffs have continued despite the resumption of economic growth more than a year ago. The decline was 1.3 percent at the same point in the business cycle a decade ago.”

The article attributes the situation to skittish management and improved “management techniques” and automation. It also notes that government numbers concern themselves with people who are looking for work, and aren’t taking into consideration the one million workers who have just given up in the last year and aren’t.

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