Trick or Treat Jobs Report: Towards a Protracted Great Depression. Nearly 25 million Americans jobless.
By Stephen Lendman
November 03, 2012
Friday’s headline number belies dire economic reality. Main Street’s in protracted Depression. Nearly 25 million Americans are jobless.
Real unemployment approaches 23%. On November 6, Americans vote. Neither candidate proposed ways to create jobs. Obama’s done more to destroy them than create them.
Hours worked and income gains were missing in Friday’s report. Average weekly hours for production and non-supervisory workers declined 0.3%. Weekly manufacturing hours dropped by the same amount. So did average weekly earnings.
Aggregate weekly hours represents total labor input. It edged up a meager 0.1% for private sectors workers. At the same time, it fell that amount for production and non-supervisory ones. Doing so shows weakness, not strength.
Unemployment duration rose to 40.2 weeks. It represents a 10-month high. Moreover, recently laid off workers are hard-pressed to find jobs. Hardest hit are African Americans, Latinos and 20 – 24 year olds.
Sandy’s impact is also adverse. Expect income and spending to suffer. So will job creation. Most affected homeowners have no flood insurance. During hard times, their ability to rebuild and recoup is hampered.
One economist assessed conditions this way. Don’t mistake headline jobs figures for economic health. Productivity, top and bottom line erosion signify decline, not growth.CONTINUE: [link to www.globalresearch.ca]