Job Seekers Face More Bleak News
Sixteen months into the recession, the job market continues to offer few signs of hope for U.S. workers.
Sectors that had held up through much of the downturn — such as the government — are now cutting jobs. Temporary employment, generally seen as a leading indicator of a turnaround, is declining sharply. Even people who still have jobs are seeing their wages come under pressure as employers, having already slashed payrolls, look to furloughs and reduced shifts to stay afloat.
The downturn, which in March matched the longest recession since the 43-month Great Depression, is leaving most unemployed workers little choice but to wait out the downturn even as it deepens. The official jobless rate hit 8.5%, its highest since November 1983, and is likely to reach double digits before early next year. But a broader measure of unemployment and underemployment — including people who have given up their job searches — surpassed even the levels seen in the 1970s and 1980s recessions.
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