As bad as the data was yesterday, drill beneath the surface and you see the employment situation is actually worse than it appears.

Consider this chart from the Bureau of Labor Statistics:

&nbsp &nbsp &nbsp &nbsp &nbsp Displaced workers earnings at new jobs
displaced_art05
graphic via BLS

“Of the 3.2 million reemployed displaced workers who lost full-time wage and salary jobs during the 2001-03 period, 2.6 million were working in such jobs in January 2004. (The remaining reemployed workers had part-time wage and salary jobs or were self-employed or unpaid family workers.)

Fifty-seven percent of workers who were displaced from full-time wage and salary jobs and who were reemployed in such jobs had earnings that were lower than those on the lost job. About one-third experienced earnings losses of 20 percent or more.”

Not good.

Source:
Monthly Labor Review
BLS, August 06, 2004

http://www.bls.gov/opub/ted/2004/aug/wk1/art05.htm

Category: Finance

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “New Jobs pay less for 57% of displaced workers”

  1. Read it here first: New Jobs pay less

    After kicking around the BLS website after Friday’s news release, I discovered Saturday that the BLS had found that “Fifty-seven percent of workers who were displaced from full-time wage and salary jobs and who were reemployed in such jobs had earnings…