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]

Nov 15, 2012 – Majia's Blog: US Life Span Declining (for Some Groups). Sep 23, 2012. Majia here: Poverty is most certainly rising in America. The Wall Street ...
Aug 9, 2011 – We are entering a time when labor is not needed for capital accumulation. High frequency trading, for instance, obviates the need for labor.
Oct 20, 2011 – Robert Reich writes “a record 37 percent of American families with young children are in poverty” ...
Dec 15, 2011 – "Squeezed by rising living costs, a record number of Americans, almost one in two, have fallen into poverty or are scraping by on earnings that ...

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