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New unemployment data show why it will take years for the labor market to recover from one of its fastest and deepest declines since World War II, even if an economic recovery is around the corner.
The Department of Labor report released Friday showed job cuts in August were lower than they've been in recent months. But a deeper look at the data shows why it will take millions of new jobs to dig American workers out of this recession's deep pit.
Total hours worked are down at a 2.8 percent annual pace so far this quarter, (The average workweek held at 33.1 hours) according to calculations by Ian Morris, chief U.S. economist at HSBC Securities USA Inc. in New York.
Morris, who projects the economy will expand at a 4 percent to 6 percent pace this quarter, says that means worker productivity may exceed the second quarter’s 6.6 percent jump, which was the biggest gain in almost six years.
People need to really pull the wool away from their eyes and just realize that they have been duped by Obama. It amazes me that there are still people who really believe that anything good is going to happen with him. They really believe he is a leftist, socialist, for the people. The truth is staring you right in the face every day people, admit you've been duped and start doing something about it.
Originally posted by yellowcard
I know lay offs are hard on families, but in the long run they are healthy for the economy. It brings up productivity, and cuts the fat from businesses so that they can profit more...w
[edit on 4-9-2009 by yellowcard]