Saturday, February 6, 2010

The big jobs hole

This is an article about the situation of labor markets; it says that although the unemployment rates fell unexpectedly in January to 9.7%, yet 20,000 jobs that are created in this month are far fewer than the 150,000 jobs that were lost in December. Also it mentions that according to the government monthly report on Friday, it showed an unsettling reality that 8.4 million jobs have been vaporized since the recession began. Besides other adverse economic factors, it points out that another reason for the unoptimistic labor market is that employers are still very cautious about hiring people.

The reason I chose this article is because I think it analyzes the current situation of labor market from a relative objective view, neither too optimistic nor too pessimistic. In this article, it includes improvements and existing problems.

2 comments:

  1. According to the article, the labor market only shed 20,000 jobs in January. Compared to 150,000 in December, this is unexpected surprise. However, the seemingly exciting news does not bring any excitement in the labor market. Many employers have pointed out that they are still very cautious about adding new positions, because it is only at the beginning of the recovery. 8.4 million jobs have been vaporized since the recession began, so digging out will not be easy.

    ReplyDelete
  2. Also, although the unemployment rate fell last month, the average duration of unemployment is at an all time high. The average length of unemployment is 211 days, about 7.5 months.

    ReplyDelete