US may be heading for another jobless recovery

By Daily Maverick Legacy 28 September 2009

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.

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