Tags: Jobs | Market | Healing

Experts: Jobs Market Healing at a ‘Glacial Pace’

Friday, 02 Dec 2011 11:42 AM

The unemployment rate in November dropped to 8.6 percent from 9.0 percent in October as the economy added a net 120,000 nonfarm payrolls.

The drop in the headline percentage rate reflects more people giving up searching for jobs as opposed to any surge in hiring, experts say, although a trickle of new jobs adding to the economy is better than nothing.

"Thus, the drop in the unemployment rate is for mixed reasons," says Peter Boockvar of Miller Tabak on a Wall Street Journal blog.
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"The drop in the unemployment rate reads well but under the hood, the stats are more mixed as less people are in the labor force."

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(Getty Images photo)
Others agree the jobs market is plodding along.

"The labor market is gradually healing. It's a glacial pace, but we are taking small steps in the right direction," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania, according to Reuters.

For most Americans, however, even finding work in post-recession America still doesn't bring the quality of life back to where it was before the crisis began.

According to a study released by the John J. Heldrich Center for Workforce Development at Rutgers, only 7 percent of those who lost jobs after the financial crisis have returned to or exceeded their previous financial position and maintained their lifestyles, The New York Times reports.

The overwhelming majority say they have diminished lifestyles, and about 15 percent say the reduction in their incomes has been drastic and will probably be permanent.

"The news is strikingly bad," says Cliff Zukin, a professor of public policy and political science at Rutgers who compiled the study, The New York Times adds.

The numbers represent "a tremendous impression of dislocation and pain and wasted talent."

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The unemployment rate in November dropped to 8.6 percent from 9.0 percent in October as the economy added a net 120,000 nonfarm payrolls. The drop in the headline percentage rate reflects more people giving up searching for jobs as opposed to any surge in hiring, experts...
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2011-42-02
Friday, 02 Dec 2011 11:42 AM
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