A decade of high unemployment is looming

A decade of high unemployment is looming
‘New abnormal:’ Some think 10 years won’t be enough to replace losses

updated 12:15 p.m. ET, Sun., Dec . 27, 2009

WASHINGTON - Call it the Terrible Teens.

The decade ahead could be a brutal one for America's unemployed — and for people with jobs hoping for pay raises.

At best, it could take until the middle of the decade for the nation to generate enough jobs to drive down the unemployment rate to a normal 5 or 6 percent and keep it there. At worst, that won't happen until much later — perhaps not until the next decade.

The deepest and most enduring recession since the 1930s has battered America's work force.

The unemployed number 15.4 million. The jobless rate is 10 percent. More than 7 million jobs have vanished. People out of work at least six months number a record 5.9 million. And household income, adjusted for inflation, has shrunk in the past decade.

Most economists say it could take at least until 2015 for the unemployment rate to drop down to a historically more normal 5.5 percent. And with the job market likely to stay weak, some also foresee another decade of wage stagnation.

Even though the economy will likely keep growing, the pace is expected to be plodding. That will make employers reluctant to hire. Further contributing to high unemployment is the likelihood of more people competing for jobs, baby boomers delaying retirement and interest rates edging higher.

All this would come after a decade that created relatively few jobs: a net total of just 464,000. By contrast, 21.7 million new jobs were generated between 1989 and 1999.

Economist David Levy, chairman of the Jerome Levy Forecasting Center, says the country faces a new era of chronically high unemployment, averaging 8 percent or more over the next decade.

The "New Abnormal," he calls it.

Levy thinks the New Abnormal also means average pay will dwindle, along with consumer prices. That would make it harder for households to pay down debt, he warns.

http://www.msnbc.msn.com/id/34601256/ns/business-us_business

Views: 53

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

Doc Vega, Chris of the family Masters, cheeki kea and 3 more were featured

 

Latest Activity

MAC posted a video

BREAKING: SUPREME COURT SAVES THE ECONOMY...

☀️ Get My Favorite Anti-Aging Serum Today: ☀️ http://www.glowwithrissflex.com Get up to $30 OFF & FREE SHIPPING When Your Order Today!! LIVE 5PM EST TUESDAY-...
3 minutes ago
tjdavis posted photos
1 hour ago
tjdavis posted blog posts
1 hour ago
Chris of the family Masters posted blog posts
3 hours ago
Parrhesia posted photos
3 hours ago
Parrhesia posted a discussion

High-Ranking Ukrainian Officials Caught Splurging On Luxury Real Estate In Switzerland

High-ranking officials from Ukraine President Volodymyr Zelensky‘s inner circle have been…See More
3 hours ago
Parrhesia favorited Chris of the family Masters's blog post Terror Sponsored By Your Government
6 hours ago
Parrhesia favorited tjdavis's blog post Lynmouth Flood - RAF Rainmaking Experiment
7 hours ago
Parrhesia favorited Chris of the family Masters's blog post Holograms
7 hours ago
tjdavis favorited Chris of the family Masters's blog post Holograms
7 hours ago
tjdavis favorited Burbia's blog post VP Harris Didn't Get the Memo
7 hours ago
Doc Vega posted blog posts
8 hours ago
tjdavis posted videos
8 hours ago
Parrhesia posted videos
9 hours ago
Chris of the family Masters posted photos
10 hours ago
Parrhesia favorited tjdavis's video
10 hours ago
Parrhesia favorited tjdavis's blog post Bevis and Butthead discover White Privealige
10 hours ago
Parrhesia commented on tjdavis's blog post Medals
"Most of them come from her "royal" fakeness for being her offspring, thereby bestowing…"
11 hours ago
Parrhesia favorited steve's blog post This must be understood THE ELITE WANT US DEAD our only way out is----------------------------
11 hours ago
Parrhesia commented on Parrhesia's video
Thumbnail

She Nails it

"Steve, You're right.  This is a spiritual war.  "
11 hours ago

© 2022   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted