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Ex-Obama Adviser: Job Market Will Be 'Permanently Damaged' Without Action

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Ex-Obama Adviser: Job Market Will Be 'Permanently Damaged' Without Action

Post by Quiethawk on Mon Apr 11, 2011 12:10 pm

http://www.nytimes.com/2011/04/10/business/10view.html?_r=1
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Re: Ex-Obama Adviser: Job Market Will Be 'Permanently Damaged' Without Action

Post by mrgolf on Mon Apr 11, 2011 12:41 pm

Quiethawk wrote:http://www.nytimes.com/2011/04/10/business/10view.html?_r=1
IT takes a while to match people with jobs, so even in normal times the unemployment rate is never zero. Before the recent recession, in the view of many economists, the lowest sustainable rate of unemployment in the United States — a level known as the normal or natural rate of unemployment — was around 5 percent.

The turmoil of the last few years, however, has shaken up the economy. Is it possible that it has affected the natural rate of unemployment — increasing it to 8 or even 9 percent? Such a climb would imply that the prospects for a rebound in output and employment have been greatly reduced — and that high unemployment would be our new normal.

This is implicitly the view of some Federal Reserve policy makers, who say that there is nothing more the central bank can do to lower unemployment. And it’s the view of those who say “structural” factors are the main cause of our current high unemployment, which stood at 8.8 percent in March.
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Re: Ex-Obama Adviser: Job Market Will Be 'Permanently Damaged' Without Action

Post by Guest on Tue Apr 12, 2011 1:22 am

"The real problem today is that jobs are scarce in just about all sectors. An important study,
published in 2010 and recently updated, showed that workers who have
lost jobs in construction and finance have been leaving the ranks of the
unemployed at almost the same rate as those laid off in less troubled
industries. The problem isn’t about particular sectors; it’s about a
general lack of hiring
."

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Re: Ex-Obama Adviser: Job Market Will Be 'Permanently Damaged' Without Action

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