Strongest jobs recovery in decades. Seriously (CNN)

[jefferson_dem]

Strongest jobs recovery in decades. Seriously

NEW YORK (CNNMoney.com) -- A jobless recovery? Hardly.



By historical standards, the labor market is recovering nicely -- job growth has started earlier than in past recessions.

But the unemployment problem isn't going away. An especially tough recession has raised the bar on the amount of job growth needed to recover, magnifying the pain of the struggling labor market.

"If you had a severe recession, you tend to have a strong recovery," said Robert Brusca of FAO Economics. "So far that hasn't happened."

The unemployment rate hit a high-water mark of 10.1% in October 2009 and has since fallen to 9.5%. Payrolls began growing in November and, excluding the impact of temporary census jobs, the economy has added jobs every month since January.

That's a much quicker peak than previous job market recoveries.

After the 1990-91 recession ended, the economy lost nearly 300,000 additional jobs in the 11 months that followed. And the 2001 recession was followed by a so-called jobless recovery that lasted for nearly two more years.

"Sustained, positive job formation began earlier in this recovery than in the prior two recoveries," said Lakshman Achuthan, managing director of Economic Cycle Research Institute.

But today's economy is different. The problem is that the damage done during the Great Recession was so severe, it will take a lot more growth than normal to dig the job market out of its hole.

There were 8.4 million jobs lost in 2008 and 2009 -- roughly 7% of all jobs at the start of the recession. That compares to a loss of 3.1% of all jobs during the 2001 recession and the jobless recovery that followed, and only 1.9% of jobs lost during and after the 1990-91 recession.

<SNIP>

http://money.cnn.com/2010/09/02/news/economy/jobs_recovery/index.htm

[bigdarryl]

1. Where's the BUTS you know that's coming from the pundits

[marmar]

2. *Asterisk

via AlterNet:



Posted by meteorblades at 7:58 am
September 1, 20105

Study: Job Growth Is Limited to Really Crappy Jobs
Posted by meteorblades on @ 7:58 am


This post originally appeared on the Daily Kos.

The recession may have magnified a trend that began nearly four decades ago – wage stagnation, or worse. Michael Luo at The New York Times writes,For Many, a New Job Means Lower Wages, Studies Find:

With the country focused on job growth and unemployment continuing to hover above 9 percent, there has been comparatively little attention paid to the quality of the jobs being created in this still-struggling economy and what that might say about the opportunities that will be available to workers when the tumult of the Great Recession finally settles. …

For years, long before the recession began, job growth had become increasingly polarized in this country, with high-paid occupations that demand significant amounts of education and training growing rapidly, alongside low-wage, entry-level, service-type jobs that do not require much schooling or special skills, according to David Autor, a labor economist at the Massachusetts Institute of Technology.

The growth of these low-wage jobs began in the 1980s, accelerated in the 1990s and began to really take off in the 2000s. Losing out in the shuffle, according to Dr. Autor, are jobs that he describes as “middle-skill, middle-wage” — entry-level white-collar positions, like office and administrative support work, as well as certain blue-collar jobs, like assembly line workers and machine operators.

But now there’s an additional element at work. A recent study by the National Employment Law Project points out that “net job growth in 2010 has not been distributed evenly across the economy. Growth has been concentrated in mid-wage and lower-wage industries. By contrast, higher-wage industries showed weak growth and even net losses.” .........(more)

The complete piece is at: http://blogs.alternet.org/speakeasy/2010/09/01/study-job-growth-is-limited-to-really-crappy-jobs/

[babylonsister]

3. fwiw, I rec'd for some good news. Obviously someone isn't happy. nt

[Mimosa]

5. I rec'd for the same reason. n/t

[Cha]

31. And more than a few folks

are! :bounce: :party: :fistbump:

[Turbineguy]

4. Shhhhh!

Don't tell anybody. The GOP needs a double dip.

[Peacetrain]

6. This is not going to make those GOPers happy.. K&R

[griffi94]

7. self delete

[jefferson_dem]

8. Yes, we know... Only 67k private sector jobs added this past month.

Not good enough. Digging out of the Boosh recession is not easy.

[griffi94]

10. self delete

[ClarkUSA]

14. That's eight straight months of private sector job growth. So much for "jobless recovery" n/t

[dkf]

9. Is celebrating this news going to be classified as "out of touch"?

That is the latest meme after all.

[mkultra]

23. have they moved passed "cheerleaders"?

[HughMoran]

25. Woot!

:hi:

[Lifelong Protester]

11. I am K & R'ing this for some upbeat news for once

although to listen to the media, they are trying every which way to spin this negatively (at least the CNBC folks will...)

[Tippy]

12. K&R...localy people are finding jobs

[Andy823]

13. What the MSM isn't reporting on

This is the kind of news we only see on the internet, the MSM ignores this kind of "good news" and only talks about how the democrats were in great peril of losing congress in November! The right wing media is great at this, and the democrats need to get out this kind of news by going out in full force on the talk shows, making ads with these kind of facts in them, or even by sending out flyers in the mail with the facts, and sites on the internet that a person can check them out on!

Democrats can keep control if they can get the facts out, convince the people that even if they are unhappy right now, getting republicans back in would be far worse.

[impik]

15. Nope. I'm staying home this November.

You can't convince me....

[JTFrog]

16. K&R!

[NJmaverick]

17. K & R!

[quiet.american]

18. Great to see this in the MSM. These facts need to be out there more. nt

[Phx_Dem]

19. The unemployment rate will probably never get back to where it

was because of outsourcing, supported mostly by the GOP. Why would big companies hire people in their own country for more money, when they can go offshore, pay less AND still get big tax breaks.

There needs to be penalty taxes for U.S. companies that outsource jobs. Greedy assholes.

[LiberalFighter]

20. Democratic candidates need to downgrade the blame from federal to local.

Here in Indiana it doesn't help when the Governor lies about the jobs being created, cuts $200 million from the school budgets resulting in teachers being fired, local governments having to fire people because of something stupid as raising the sales tax while cutting property taxes.

[inna]

21. OMFG.

What is this "writer" smoking.

This is insulting to intelligence, really.

[mkultra]

24. YES!@12 OMFG OBAMA SUCKZ

[inna]

30. Huh?? WTF are you babbling about?

:wtf:

Edited to add: Are you on the right board?

I'm AMAZED that shit hasn't been deleted yet.

[stevenleser]

32. Yes, facts piss me off too. How dare they apply statistics to this when you just 'know' they are

wrong.
:eyes:

[GOTV]

22. While this is not bad news, as good news goes isn't this pretty meager?

I mean, all it's saying is that the jobs started coming back quicker than we could normally expect. Right? It's not saying more jobs have come back than you'd expect or even that sufficient jobs have come back.

In fact this quote from the article seems to contradict the headline:

"If you had a severe recession, you tend to have a strong recovery," said Robert Brusca of FAO Economics. "So far that hasn't happened."

Isn't it like yelling to a drowning man "We've just ordered some life preservers from Amazon and you're in luck they're in stock. We should be getting them sooner than we expected!" Is that really good news? Is it only good news because the life preservers could have been back ordered?

[HughMoran]

26. Better than being run over by a steamroller

Considering the dire predictions "depression" and the actual great recession that we were in, it's OK to stop being miserable for just a second and say "could be worse".

[Name removed]

27. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Cosmocat]

29. Actually, the better anology would be ...

A drowning man getting picked up out of the water by a shrimp boat and complaining that it isn't a cruise ship ...

[LittleBlue]

33. Unemployed = complainers?

Your analogy seems to suggest that the unemployed, and all people hurt by this recession, are just needlessly complaining.

[Joe Chi Minh]

36. I thought they seemed to have read a different article. Weird. Some facts are

better than others it seems.

Not performing on the jobs front as well as you should be, belongs to a subordinate category of facts. Bailing out with a toy bucket is the good news; sinking faster than you would be, if you had a bilge-pump in working order, is evidently relatively inconsequential and an irrelevant digression.

[DemocraticPilgrim]

28. Exactly it's just a very deep hole and voting in the GOP that wants to eliminate social security ..

medicare is not the answer. President Obama has been busting a gut on the economy, voting for gridlock is not progress. Plus no choice is still a choice, one that elects Republicans. This utopia where we are not in a fight for our lives against international monopoly corporations is un realistic, we have to keep going and never stop. Plus I like Malloy hugely, but allowing GOP to have it all won't bring resistence, the book 1984 shows a corporate state everyone will comply as resistence becomes futile.

Here is GOP Miller on ending medicare and social security.

http://www.youtube.com/watch?v=rJgBL9ykQ9s

[Joe Chi Minh]

37. Well, I have to concede that trumps all. A livelihood in the form of welfare, however minimal,

isn't an optional extra.

[TomCADem]

34. K & R!

[JCMach1]

35. This article is dead on... jobs are coming, but the BITE was bigger this time

and affected the whole country (even places that had been spared in previous downturns).

Also, the jobs that are returning (so far) are not of the same quality as those that disappeared (also wages play into this). That will improve when the job market tightens.

[Hekate]

38. Dem Rockettes -- that's great!

:kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: