Monday, December 22, 2003

The economy??
Posted here Monday, December 22, 2003 at 11:10:30 AM    

while waiting for..

Euphemism Masks Reality

As the year comes to an end, these are the facts about the recovering economy: The unemployment rate in November was back below 6 percent after hitting a high of 6.4 percent in June. The number of people working is on the rise -- 138.6 million in November, up from 137.5 million in January. The number of jobs is on the rise, as well -- up 328,000 since July. "The American economy is strong" was President Bush's reaction last week when the November employment figures were released, "and it is getting stronger."

But just as "sparkle" can be a euphemism for housekeeping, "recovering" can gloss over the reality of what for millions of Americans having a job has come to mean.

More people are working part time than ever: Last month, for the first time, the number exceeded 25 million.

More are classified as "involuntary" part-time, meaning they would rather be working full time: 4.9 million in November, an increase of 600,000 from a year ago and 1.6 million since the recession began in March 2001.

More are working for less pay than they have worked for in the past -- the sectors of the economy adding jobs pay an average of $14.65 an hour, while those discarding jobs pay $16.92, according to an analysis by the Economic Policy Institute, a Washington research center.

In addition, more people are cobbling together a working life of two or three part-time jobs to keep up with bills. More jobs come without benefits, the chance for mobility and the security of long-term stability. Wages for most workers are not keeping up with inflation. The number of manufacturing jobs has declined 40 months in a row. The average time spent looking for work is now more than 20 weeks. And many people remain not working at all. Even with the addition of those 328,000 jobs, the total number of jobs is still 2.35 million lower than before the recession.


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