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Labor Market Takes a Shot To the Gut
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The May 2010 employment figures there were 431,000 people added to payrolls that month. But the numbers are disconcerting when one looks at the private sector jobs created of only 41,000. About 411,000 were temporary census jobs. Average factory work week lengthened by three tenths of an hour. Average hourly earnigs rose by 7 cents which combined with a slightly longer work week created an estimated 0.6 increase in incomes, acccording to Deutsche Bank.
Why high unemployment in the U.S. is expected for 2010-2014
06/06/2009
Structural problems like a mismatch of skills between maufacturing and construction sectors worst hit since 2008 and growing sectors like healthcare is one problem. Geographic factors and difficulty selling homes in states like Michigan is another. The tighter credit from a return of banking sector losses from bad home equity loans that is expected in late 2010 will keep the recovery from taking hold keeping unemployment high. The economic uncertainty following repeated budget battles between political parties also affects business investment.
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