U.S. Economy:Worst Hiring Slump in 20 Years

"The economy has fallen into its worst hiring slump in almost 20 years, and many business executives say they remain unsure when it will end.

The employment decline has become even worse than it was at a comparable point in the so-called jobless recovery of the early 1990's, according to recently revised statistics from the Labor Department. The economy has lost more than two million jobs, a drop of 1.5 percent, since the most recent recession began in March 2001, as layoffs have continued despite the resumption of economic growth more than a year ago. The decline was 1.3 percent at the same point in the business cycle a decade ago.
About one million people appear to have dropped out of the labor force since last summer, neither working nor looking for a job, according to government figures."

How much talk do YOU hear about Bush plans to help the economy grow jobs? None? Me neither.

www.nytimes.com...

"About one million people appear to have dropped out of the labor force since last summer, neither working nor looking for a job,"

What are these people doing..niether working nor looking for a job???are they on walfare..How does this work..???

Boomslang

I can speak for th markets I cover: let's say you have a guy who's 52 yrs old, Bachelors degree, 25 years experience as a mainframe programmer for Morgan Stanley, got laid off 11/01. In his case - too old to be hired for the junior slots ( they feel he'd bristle under the young management), too static in his technical background ( though to be in IT, you learn constantly and can pick up any other language/technique as long as you got the logic behind you) too expensive ( he'd jump at any job that they'd give him, even entry level, as long as he can get the practical experience). This is a guy I know that 'gave up' till some type of recovery occurs. Wife works, so their mortgage gets paid and kids get fed, but it's not pretty.

I know many of those same guys you're talking about BT - many mainframers are dying out with the technology they are trained on. Some have adapted - many haven't - though they still think there worth $150 an hour and too proud to admit otherwise. Our market in brutal right now and when it picks up I think many cobol programmers and JCL jocks are going to be left behind - had it not been for y2k most wouldn't have been around this long I am sad to say and hope I am wrong. Haven't met many mainframers that have made a smooth transition to C or java, myself.



[Edited on 6-2-2003 by Bob88]