55%
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The graph pretty much speaks for itself, but a very quick explanation for those who are not visually inclined:
Since the recession began 30 months ago, more than half of all adults in the workforce—55 percent—say that they have either been unemployed, taken a pay cut, had their work hours reduced or have become involuntary part-time workers, according to a new survey by the Pew Research Center’s Social and Demographic Trends Project.
Tags: Jobs, recession, unemployment
Happy Birthday, America; Now Wake Up
Posted by Paul Vigna on July 04, 2010
Raymond, one of our regular readers, had a comment to a post about Friday’s jobs report that’s stuck in my head. “Welcome to the ‘New Normal’ – it’s repulsive,” he wrote. “The middle class of America is getting destroyed. If we do not see real policies that work from government and the private sector, America will be a very different place in a couple of decades.”
If only anybody had been thinking that way a couple of decades ago, we might not be where we are now. There are developments in the global economy that are frankly beyond our control, to be sure, but we could’ve done more to provide for the working classes, rather than just telling them to become “knowledge workers,” shipping their jobs to Asia and papering over the whole thing with borrowed money.
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http://markettalk.newswires-americas.com/?p=12319
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Only 58.6% people employed in 2010 compared to 64.7% in 2000!
It’s not clear if these numbers are against TOTAL population (including children and retired) or just working age population. But regardless, losing 8% employed in 10 years is NOT GOOD> Especially since the population increased significantly since 2000.
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July 4, 2010
A Political Clash Over Deficits Stalls Legislation to Address Jobs
By SEWELL CHAN
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After gaining 21.7 million payroll jobs in the 1990s, the economy lost 944,000 from December 1999 to December 2009, Mr. Krueger said in his testimony. The fraction of the working-age population that reported being employed peaked at _64.7_ percent in March 2000, and fell to _58.6_ percent in March 2010, its lowest level since the two recessions of 1980-82, he said.
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http://www.nytimes.com/2010/07/05/business/economy/05jobs.html
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