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.