Roubini: Many Jobs Gone Forever
“Conditions in the U.S. labor markets are awful and worsening,” writes Nouriel Roubini in The New York Daily News.
“While the official unemployment rate is already 10.2 percent and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5 percent.”
“Remember: The last recession ended in November 2001, but job losses continued for more than a year and half until June of 2003; ditto for the 1990-91 recession,” writes Roubini.
“That fall in hours worked is equivalent to another 3 million full time jobs lost on top of the 7.5 million jobs formally lost,” writes Roubini.
“This is very bad news but we must face facts. Many of the lost jobs are gone forever, including construction jobs, finance jobs and manufacturing jobs.”
