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New York - The United States is now in a jobs recession.
For five consecutive months, there has been a steady loss of jobs, mostly in construction and manufacturing. Now, the job losses are spreading to restaurants, retailers, airlines, and even professions such as accounting. Teens are having an especially tough time finding work this summer.
The lack of hiring and increase in firing have wide ramifications for the US. The job losses will probably intensify the debate in the presidential campaign over who can best stimulate the economy. With more of their constituents out of work, members of Congress may act to provide additional aid to the unemployed.
Until April, it appeared that employers were trying to keep their workforce. But in the past two months, announced job cuts have soared, according to the Chicago outplacement firm of Challenger, Gray & Christmas. Last month, companies announced 103,522 layoffs, the highest pace since December 2006.
...temporary-workers business is still "surprisingly" steady. However, "We're seeing more caution from clients on permanent and direct hiring," says William Grubbs, chief operating officer. Companies are also taking longer to make decisions on hiring,...
"In the recent past, the labor-force participation by teens has been very low," says Richard DeKaser, chief economist at National City Corp., a bank based in Cleveland. "But it looks like kids are back in the job market in a very aggressive way."