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Tuesday, October 21, 2008

More on Employment and it Ain't Pretty....

Center for American Progress:

Less economic activity also means less hiring. The U.S. economy has already lost jobs for nine months in a row. This year’s job losses followed a very weak labor market that left families woefully unprepared for the current crisis. Employment growth has been the weakest since the Great Depression, wages have been flat, and benefits have declined during this business cycle, which started in March 2001. At the same time, prices rose for many items, driving families deeper and deeper into debt.
Looking at the October 17th release of median wages by the BLS, we see these words ring true with less employed, those employed earning less (in real terms), and those with lower educational attainment making a heck of a lot less.