Defend Truth

US may be heading for another jobless recovery

US may be heading for another jobless recovery

While the big players on Wall Street herald the end of recession, the New York Times came out this weekend with a grim assessment of the US unemployment statistics with a jobless rate of 9.7% (14.7-million) and only 2.4-million new job openings since July. More than just the absolute numbers, the ratio of 6:1 (the worst since 2000) points to employers approaching planning for future expansions with fear and trepidation. That, of course, comes on top of the 2003-2004 recession that was already dubbed “jobless recovery”. Employers’ fears of uncertainty are aggravated by the highly visible political battle over the future of the US health system (16% of its economy) as well as the nation’s inability to replace lost manufacturing and, increasingly, service and technology jobs with new-generation offerings such as sustainable energy and green technologies.

Gallery

Please peer review 3 community comments before your comment can be posted

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options