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February 6, 2003

New Unemployment Stats: "Worst Hiring Slump in 20 Years"

Posted by Mike on February 6, 2003 7:02 AM

The New York Times says we're in the worst hiring slump in twenty years:

"The employment decline has become even worse than it was at a comparable point in the so-called jobless recovery of the early 1990's, according to recently revised statistics from the Labor Department. The economy has lost more than two million jobs, a drop of 1.5 percent, since the most recent recession began in March 2001, as layoffs have continued despite the resumption of economic growth more than a year ago. The decline was 1.3 percent at the same point in the business cycle a decade ago."

The article attributes the situation to skittish management and improved "management techniques" and automation. It also notes that government numbers concern themselves with people who are looking for work, and aren't taking into consideration the one million workers who have just given up in the last year and aren't.


I have been unemployed for one year now. I have what I would call a very active job search and still have come up dry. Even though I do get interviews, I hear the same old stories as of being over qualified, under qualified, and simply put, we just decided to pass you by for another candidate...and oh yes....the last one mentioned seems to be a very popular phrase with many employers today.

I am just three weeks away from the Employment Development Department cutting off my unemployment compensation. Its scary to think that after 52 weeks you are cut off at the knee caps and then what comes next?

I feel that our government needs to spend as much time focused on unemployed and displaced workers such as myself as much as we focus on war and rebuilding other countries!

Posted by: Frank Graziano at April 10, 2003 8:50 AM

Don't feel bad, I've only worked 4 1/2 Months total since the "Curse" of George Bush stepped into office! It's dry alright. It's so dry I started drinking! And my unemployment has been out for months. I'm living off my husbands Security Guard job! I was a Professional Buyer in Manufacturing.

Posted by: Mary Anne at May 7, 2003 11:57 PM

I too have been pursuing the job market for almost three years; to tell you the truth the strain is being felt. What has been discovered, is manufacturing companies and high-end software companies have gone offshore, enabling a company to target and beifit from low operating, and labor cost outside of the United States. However, the pursuit goes on and perhaps there is light at the end of the tunnel.

Posted by: Hector Carranza at December 9, 2003 2:57 PM