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A politician thinks of the next election; a statesman, of the next generation

James Freeman Clarke

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Long-Term Job Lost "Off the Charts" PDF Print E-mail
Articles | Business
Written by Quantumlife on Saturday, 27 February 2010 17:47   

Even though many economists say the Great Recession ended over the summer, you'd never know it by the millions of Americans still struggling to find work.

"These people, when you look at their unemployment rate, it's just off the charts," says Lakshman Achuthan, managing director of the Economic Cycle Research Institute. "It's very different from earlier patterns that we've seen in recessions."

For those who once worked in the auto industry, housing and manufacturing, new jobs could be a long time coming, Achuthan adds, pointing out that, "Ten years ago, we had 18 million or so people in manufacturing; now, it's a little over 10 million. So you have 8 million jobs gone and there not coming back, ever."

Read More: CBS News

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