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06-09-2003, 08:55 PM
SOURCE : http://www.ajc.com/business/content/business/0603/07econ.html
Growth comes; jobs don't
Companies hesitant to add staff
By MICHAEL E. KANELL
The Atlanta Journal-Constitution
Recent reports seem to show an economy headed in two directions at once, but the numbers could be pointing to a starker single truth: Business growth no longer guarantees jobs.
Caught in the gap between expanding profits and a shrinking pool of paychecks are people like Jay Hayes.
The Conyers father of four was thrown out of work several months ago when the Atlanta office of a printing company closed. Since then he has networked, interviewed, searched online and scoured newspaper ads.
And he's come up empty, so far.
"I've gotten several leads, but everybody has been pretty tight," said Hayes, 40. "You have to be pretty good at what you do, since employers can pick and choose. I think they are being over-cautious."
Hayes is not alone in his frustration. About 6.1 percent of all Americans were out of work in May -- the highest percentage since July 1994, the Bureau of Labor Statistics reported Friday. That translates to about 9 million jobless Americans. Several million more are working fewer hours than they want.
The number of help-wanted ads posted last week by the nation's companies dropped to its lowest level since 1961. So it's become even more difficult for the unemployed to find jobs -- it takes an average of 20 weeks. Two years ago, the average unemployed person found work in 12 weeks.
The current economy has been compared to the "jobless recovery" from 1991 to 1992, when a contraction of the economy was followed by months of bold predictions that recovery was imminent.
What's different about this downturn is that the economy shrank for nine months in 2001, meeting the classic definition of "recession," but has been expanding since.
But that growth has been languid at best, and it hasn't bred jobs. Companies won't hire until they are convinced the good times truly are returning.
So the unemployed, like Hayes, continue to wait.
While this picture looks bleak, production's losses have lessened, and the service sector is expanding.
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It is not just manufacturing it is everything. Accountants, engineers, analysts, MIS & IT, doctors, nurses, and every other professional position. The only jobs left will be agricultural, mining, and personal service and those will be filled with illegal imigrants or other "guest workers." All this will be brought forth under the banners of Free Trade is good," "Internationalism is wonderful," and for the misguided captialist supporters "We Need to be Competitive."
As for those over 45, tough duck. You're competing against people much younger than you who can do the same job with lesser pay.
I believe the good times are over for those who are unemployed.
And the ironical thing is this --- we all voted for it.
Growth comes; jobs don't
Companies hesitant to add staff
By MICHAEL E. KANELL
The Atlanta Journal-Constitution
Recent reports seem to show an economy headed in two directions at once, but the numbers could be pointing to a starker single truth: Business growth no longer guarantees jobs.
Caught in the gap between expanding profits and a shrinking pool of paychecks are people like Jay Hayes.
The Conyers father of four was thrown out of work several months ago when the Atlanta office of a printing company closed. Since then he has networked, interviewed, searched online and scoured newspaper ads.
And he's come up empty, so far.
"I've gotten several leads, but everybody has been pretty tight," said Hayes, 40. "You have to be pretty good at what you do, since employers can pick and choose. I think they are being over-cautious."
Hayes is not alone in his frustration. About 6.1 percent of all Americans were out of work in May -- the highest percentage since July 1994, the Bureau of Labor Statistics reported Friday. That translates to about 9 million jobless Americans. Several million more are working fewer hours than they want.
The number of help-wanted ads posted last week by the nation's companies dropped to its lowest level since 1961. So it's become even more difficult for the unemployed to find jobs -- it takes an average of 20 weeks. Two years ago, the average unemployed person found work in 12 weeks.
The current economy has been compared to the "jobless recovery" from 1991 to 1992, when a contraction of the economy was followed by months of bold predictions that recovery was imminent.
What's different about this downturn is that the economy shrank for nine months in 2001, meeting the classic definition of "recession," but has been expanding since.
But that growth has been languid at best, and it hasn't bred jobs. Companies won't hire until they are convinced the good times truly are returning.
So the unemployed, like Hayes, continue to wait.
While this picture looks bleak, production's losses have lessened, and the service sector is expanding.
======================
CLICK ON ABOVE LINK FOR THE REST
---------------------------------------
It is not just manufacturing it is everything. Accountants, engineers, analysts, MIS & IT, doctors, nurses, and every other professional position. The only jobs left will be agricultural, mining, and personal service and those will be filled with illegal imigrants or other "guest workers." All this will be brought forth under the banners of Free Trade is good," "Internationalism is wonderful," and for the misguided captialist supporters "We Need to be Competitive."
As for those over 45, tough duck. You're competing against people much younger than you who can do the same job with lesser pay.
I believe the good times are over for those who are unemployed.
And the ironical thing is this --- we all voted for it.