Unemployment: Not A Pretty Picture For Those Who Found Jobs

Here’s some sobering analysis from the WSJ regarding unemployment:

Of the 6.9 million workers who lost jobs during the recession that they’d held for at least three years, only about half were reemployed by January 2010. And 55% of those who did find work were earning less than before.

Workers between ages 20 and 54 were the most likely to land new jobs – more than half were able to find work. Those workers 55 years and older had a more difficult time. Nearly 39% of workers between 55 and 64-years-old found jobs. An even smaller 23% of those 65 and older were able to find work.

Overall, the reemployment rate for workers displaced from jobs they’d held for three years or more was the lowest on record. The department began tracking the data in 1984.

My thoughts:

  • A lot of people took big, probably permanent hits to their incomes. Don’t look for any consumer led recovery.
  • Older workers really were savaged this time around. How do you square this with raising the retirement age for Social Security eligibility?
  • From an employment perspective this is one bitch of a recession. Unfortunately, I’m not sure we’re done setting records.
  • Rarely is this sort of agony visited on the populace without some sort of political upheaval. Absent a real rebound in meaningful employment expect some unpleasant developments.

That’s all off the cuff. I’d be interested in your take.

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