U.S. loses equivalent of every job created in decade

[More change under Obama -- YM]

U.S. loses equivalent of every job created in decade

By Alia McMullen, Financial Post

Published: Thursday, July 02, 2009

The U.S. economy has lost the equivalent of every job created in the past nine years.

All job growth since the final year of the dot-com bubble, its recovery from the bust, and the ensuing six years of consumer-driven boom is now gone, leading some economists to fear an outright decline in wages will be next. Others believe the United States is on track for a painful "jobless recovery."

"This is the only recession since the Great Depression to wipe out all jobs growth from the previous business cycle, a testament both to the enormity of the current crisis and to the extreme weakness of jobs growth over the business cycle from 2000 to 2007," said Heidi Shierholz, an economist at Washington-based think tank The Economic Policy Institute. "It is apparent that, despite the substantial positive impact of the February recovery package, the economy's dramatic deterioration from November to March was even greater than anticipated."

Non-farm employment fell for the 18th consecutive month in June, dropping by a worse-than-expected 467,000, U.S. Bureau of Labor Statistics figures showed Thursday. The decline marked the longest run of job destruction in the post World War II period.

Since the recession began in December 2007, the jobs market has shrunk by 6.5 million positions, pushing the unemployment rate up 4.6 percentage points to 9.5% -- the highest rate since 1981. Nine million part-time workers are in want of full-time jobs, and a record 29% of unemployed have been jobless for more than six months ....

Read the whole story at <http://www.financialpost.com/working/story.html?id=1752178>