Monday, September 28, 2009
The New York Times has a sobering piece about the state of employment in the U.S. today. Despite assertions by Fed chairman Ben Bernanke that the recession is over and the economy has started an upswing, unemployed Americans now outnumber jobs by a ratio of six-to-one and employment prospects are still getting worse.
Perhaps, President Obama should’ve stimulated Mainstreet instead of Wall Street? As I have said all along, a jobless recovery isn’t a recovery at all and Americans know it.
Shrinking job opportunities have hit virtually every industry this year. Since the end of 2008, job openings have diminished 47 percent in manufacturing, 37 percent in construction and 22 percent in retail. Even in education and health services, job openings have dropped 21 percent. Despite the passage of a stimulus spending package aimed at shoring up state and local coffers, government job openings have diminished 17 percent this year.