USA now in economic turmoil, I advise you go Australia.
The US Labor Department figures released today indicate that US
employers have cut another 467,000 jobs in the month of June. For
all the talk about ‘green shoots’ and ‘turning a corner’, employers
are basically taking the position that they are going to survive by
cutting personnel costs….again.
Since the ‘official’ beginning of the current crisis in December
2007, the economy has lost a net total of 6.5 million
jobs. The unemployment rate is now at 9.5% and the
average workweek is now down to 33 hours, the lowest level since
records started being kept on this figure in 1964.
“Heidi
Shierholz, an economist with the Economic Policy Institute, said
that the loss of 6.5 million jobs since the start of the recession
combined with the growth of the workforce means that the gains of
the previous business cycle have been completely blown
away.
"This is the only recession since the Great Depression to wipe
out all jobs growth from the previous business cycle, a devastating
benchmark for the workers of this country and a testament to both
the enormity of the current crisis and to the extreme weakness of
jobs growth from 2000-2007," said Shierholz in a
statement.”....
http://oxdown.firedoglake.com/diary/6083
