Saturday, April 6, 2013

Labor Opportunities in the US Shrink, Workforce Slowly Impoverished



Majia here: The new jobs report confirms that we are in the weakest ‘recovery’ for the bottom 80% of the US population in over a hundred years:

Cronin, Brenda (2013, April 6-7) ‘Job Growth Slows to a Trickle’ Wall Street Journal, p. A1, A2
[Excerpted] Worst report in almost a year spooks investors; Nearly half-million people quit looking for work in March. Employers added fewer jobs in March than in any month in almost a year… Just 88,000 jobs were created last month…” [end]

Casselman, B. (2013, April 6-7) ‘Worrisome Indicator: Workforce Dropouts’ The Wall Street Journal, p. A2
[Excerpted] The participation rate among those under 25 has fallen below 55% from just under 60% when the recession began…

The participation rate for so-called prime-age-workers – those between 25 and 54 – was 81.1% in March, the lowest level since 1984. There is no benign explanation for that decline: The number of prime-age workers counted as ‘unemployed’ has fallen by 732,000 in the past year, but just 166,000 of those workers found jobs; the rest simply have up looking…

…many of those who do return to work will be forced to take jobs that pay far less than the ones they held before the recession [end]

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