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U.S. Suffering Permanent Destruction of Jobs

Posted By admin On October 5, 2009 @ 3:49 am In Money Watch | Comments Disabled

Washington’s Blog [1]
Monday, Oct 5th, 2009

America is suffering a permanent destruction of jobs.

JPMorgan Chase’s Chief Economist Bruce Kasman told [2] Bloomberg:

[We’ve had a] permanent destruction of hundreds of thousands of jobs in industries from housing to finance.

The chief economists for Wells Fargo Securities, John Silvia, says [3]:

Companies “really have diminished their willingness to hire labor for any production level,” Silvia said. “It’s really a strategic change,” where companies will be keeping fewer employees for any particular level of sales, in good times and bad, he said.

And David Rosenberg writes [4]:

The number of people not on temporary layoff surged 220,000 in August and the level continues to reach new highs, now at 8.1 million. This accounts for 53.9% of the unemployed — again a record high — and this is a proxy for permanent job loss, in other words, these jobs are not coming back. Against that backdrop, the number of people who have been looking for a job for at least six months with no success rose a further half-percent in August, to stand at 5 million — the long-term unemployed now represent a record 33% of the total pool of joblessness.

[5]


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URLs in this post:

[1] Washington’s Blog : http://www.washingtonsblog.com/2009/10/us-suffering-permanent-destruction-of.html

[2] told: http://www.bloomberg.com/apps/news?pid=20601109&sid=aDx_Srx0Sv8Q

[3] says: http://www.bloomberg.com/apps/news?pid=20601068&sid=aGBkhROUjNds

[4] writes: http://www.zerohedge.com/sites/default/files/Lunch_with_Dave_090409.pdf

[5] Image: http://www.efoodsdirect.com/gmoPeople.html?aid=14&adid=12

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