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New Jobs pay less for 57% of displaced workers

Posted By Barry Ritholtz On August 7, 2004 @ 8:12 am In Finance | Comments Disabled

As bad as the data was yesterday [1], 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
graphic via BLS [2]

“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.

Monthly Labor Review [2]
BLS, August 06, 2004


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URLs in this post:

[1] yesterday: http://bigpicture.typepad.com/comments/2004/08/ouch_nonfarm_pa.html

[2] BLS: http://www.bls.gov/opub/ted/2004/aug/wk1/art05.htm

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