ERIC Number: EJ930712
Record Type: Journal
Publication Date: 2010-Aug-6
Reference Count: 0
Today's Grim Jobs Report
Fogg, Neeta P.; Harrington, Paul E.
New England Journal of Higher Education, Aug 2010
June 2009 is seen by many as the end of the Great Recession. Strong growth in GDP following massive monetary and fiscal responses to the collapse in housing and financial markets meant that the economy was on the mend. Yet a year later, 1.1 million "fewer" people are working, and the unemployment rate is stuck at 9.5%. Worse still, more than one million individuals have left the job market since April. The fraction of teens at work has hit a record low, with just 25% of 16-to-19 year olds working this summer. This article talks about the jobs report released on Aug. 6 which has a lot of political and economic significance. Economically, this means that concerns among fiscal and monetary leaders may now seriously focus in the threats of a deflation. Deflation is the opposite of inflation insofar as it is characterized by reductions in the aggregate level of prices and wages in the economy.
Descriptors: Labor Market, Employment Patterns, Economic Impact, Economic Development, Economic Progress, Employment Statistics, Statistical Surveys, Political Issues
New England Board of Higher Education. 45 Temple Place, Boston, MA 02111. Tel: 617-357-9620; Fax: 617-338-1577; e-mail: firstname.lastname@example.org; Web site: http://www.nebhe.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Adult Education
Authoring Institution: N/A