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In reply to the discussion: STOCK MARKET WATCH -- 7 June 2012 [View all]Demeter
(85,373 posts)53. Americans Cling to Jobs as U.S. Workforce Dynamism Fades
http://www.bloomberg.com/news/2012-06-07/americans-cling-to-jobs-as-u-s-workforce-dynamism-fades.html
After 4 1/2 months of meetings, interviews and hand-holding, personnel recruiter William Rowe thought he had sealed the deal...The senior executive of a major corporation Rowe had been courting finally agreed to take a top post at a venture capital- backed technology firm in California. Then four days after giving notice, the mid-to-late 40-year-old executive had second thoughts about leaving the security of his company and returned to his old job. He decided to go back to the mother ship and not uproot his family to take a chance on joining a new firm, said Rowe, vice chairman of Pearson Partners International Inc., a search firm in Dallas.
The deepest economic slump since the Great Depression has left its mark on both job seekers and job creators, making them more wary about taking risks in a slowly recovering labor market. Spooked by the severity of the recession and stuck with underwater home mortgages, Americans are less inclined to leave their jobs and less willing to strike out on their own to build businesses, government data show. Even with swelling profits, companies are holding back on hiring, complaining that they cant find skilled workers for positions they do have open.
As a result, the labor market is losing some of the dynamism for which its long been known. And the trend predates the recession: An aging population and the growth of two-income households have reduced Americans mobility to about half of what it once was, while technological gains and globalization have led to a loss of middle-income jobs. The economic slump only exacerbated the loss of vigor. (SO MOVE THE BUSINESS TO WHERE THE PEOPLE ARE! SHEESH! IT'S NOT ROCKET SCIENCE.--DEMETER)
Major Hollowing Out
The U.S. labor market is becoming more sclerotic, said Harvard University Professor Lawrence Katz, a former chief economist at the U.S. Labor Department. Were seeing less gross job creation and job destruction, and we have a major hollowing out of jobs in the middle. The diminishing vibrancy matters because the less job turnover there is, the harder it is for others, particularly younger people, to find work. Unemployment among 16- to 24-year- olds was 16.1 percent in May, about double the 8.2 percent rate for the population as a whole. Also holding them back are older workers staying on the job longer after seeing their savings eroded by the housing market bust and financial crisis. Americans who are thrown out of work in such an environment also are finding it tougher to get jobs. The average duration of unemployment was 39.7 weeks in May, more than double the 18.8- week average since 1990 and not far below the record 40.9 level set in November last year. American employers added 69,000 workers last month, the fewest in a year. We have certainly moved in the direction of Europe, with a less-dynamic labor market, Steven Davis, professor at the University of Chicago Booth School of Business, said in an email. He ticked off the similarities: higher unemployment rates, longer unemployment spells, steep falls in the employment rate in the working-age population, a slower pace of worker flows, and a slower pace of job creation and destruction.
AND THERE'S A WHOLE LOT MORE AT THE LINK...SOME OF IT ABOUT 99% TYPE PEOPLE, EVEN (NONE OF IT GOOD FOR THE 99%, OF COURSE).
After 4 1/2 months of meetings, interviews and hand-holding, personnel recruiter William Rowe thought he had sealed the deal...The senior executive of a major corporation Rowe had been courting finally agreed to take a top post at a venture capital- backed technology firm in California. Then four days after giving notice, the mid-to-late 40-year-old executive had second thoughts about leaving the security of his company and returned to his old job. He decided to go back to the mother ship and not uproot his family to take a chance on joining a new firm, said Rowe, vice chairman of Pearson Partners International Inc., a search firm in Dallas.
The deepest economic slump since the Great Depression has left its mark on both job seekers and job creators, making them more wary about taking risks in a slowly recovering labor market. Spooked by the severity of the recession and stuck with underwater home mortgages, Americans are less inclined to leave their jobs and less willing to strike out on their own to build businesses, government data show. Even with swelling profits, companies are holding back on hiring, complaining that they cant find skilled workers for positions they do have open.
As a result, the labor market is losing some of the dynamism for which its long been known. And the trend predates the recession: An aging population and the growth of two-income households have reduced Americans mobility to about half of what it once was, while technological gains and globalization have led to a loss of middle-income jobs. The economic slump only exacerbated the loss of vigor. (SO MOVE THE BUSINESS TO WHERE THE PEOPLE ARE! SHEESH! IT'S NOT ROCKET SCIENCE.--DEMETER)
Major Hollowing Out
The U.S. labor market is becoming more sclerotic, said Harvard University Professor Lawrence Katz, a former chief economist at the U.S. Labor Department. Were seeing less gross job creation and job destruction, and we have a major hollowing out of jobs in the middle. The diminishing vibrancy matters because the less job turnover there is, the harder it is for others, particularly younger people, to find work. Unemployment among 16- to 24-year- olds was 16.1 percent in May, about double the 8.2 percent rate for the population as a whole. Also holding them back are older workers staying on the job longer after seeing their savings eroded by the housing market bust and financial crisis. Americans who are thrown out of work in such an environment also are finding it tougher to get jobs. The average duration of unemployment was 39.7 weeks in May, more than double the 18.8- week average since 1990 and not far below the record 40.9 level set in November last year. American employers added 69,000 workers last month, the fewest in a year. We have certainly moved in the direction of Europe, with a less-dynamic labor market, Steven Davis, professor at the University of Chicago Booth School of Business, said in an email. He ticked off the similarities: higher unemployment rates, longer unemployment spells, steep falls in the employment rate in the working-age population, a slower pace of worker flows, and a slower pace of job creation and destruction.
AND THERE'S A WHOLE LOT MORE AT THE LINK...SOME OF IT ABOUT 99% TYPE PEOPLE, EVEN (NONE OF IT GOOD FOR THE 99%, OF COURSE).
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