Blog Post

The “official” unemployment rate which now sits at 9.4% nationally is likely to stay above 8% for at least the next two years, at least according to an article today (Jan. 7, 2011) in the New York Times, “Job Report Signals a Long Haul for Recovery,” by Michael Powell and Sewell Chan. The article and the prediction were based on December’s job growth report that stated the economy produced just 103,000 jobs in December, far fewer than needed for a robust “recovery.” Long term unemployment remained very high, the article reported: “The percentage of the unemployed who have been out of work for 27 weeks or longer edged up last month to 44.3 percent, about the same level as a year ago.” This dispiriting news about job growth in the final month of 2010 comes amidst reports or record profits for the mega-corporations, banks, oil, and auto industries and others.

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