U.S. Suffering Permanent Destruction of Jobs
America is suffering a permanent destruction of jobs.
JPMorgan Chase’s Chief Economist Bruce Kasman told Bloomberg:
[We've had a] permanent destruction of hundreds of thousands of jobs in industries from housing to finance.
The chief economists for Wells Fargo Securities, John Silvia, says:
Companies “really have diminished their willingness to hire labor for any production level,” Silvia said. “It’s really a strategic change,” where companies will be keeping fewer employees for any particular level of sales, in good times and bad, he said.
And David Rosenberg writes:
The number of people not on temporary layoff surged 220,000 in August and the level continues to reach new highs, now at 8.1 million. This accounts for 53.9% of the unemployed — again a record high — and this is a proxy for permanent job loss, in other words, these jobs are not coming back. Against that backdrop, the number of people who have been looking for a job for at least six months with no success rose a further half-percent in August, to stand at 5 million — the long-term unemployed now represent a record 33% of the total pool of joblessness.
Source: Washington’s Blog
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October 6th, 2009 at 11:42 pm
Nice post “U.S. Suffering Permanent Destruction of Jobs”. This jobs destruction situation wrap the global economy. Economist and government both are trying to find out this solution.
October 16th, 2009 at 5:09 am
How much its a great post. There are too much changing with a passage of time.But we should do effort in every pace of life.Thanks for sharing my comment.
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