The most recent news from the US Department of Labor confirm that the labor market downturn is continuing, if not worsening.
The chart above shows how job loss has accelerated though this year. As of the latest report, over one million jobs have been lost since the start of the year (including downward revised figures for August and September). The national unemployment rate soared to 6.5%, the highest since 1994, with no let-up in lay-offs in sight. If current trends continue, we are headed for the worst labor market since the major recession of the early 80s.
The regional Pacific NW labor markets continue to be in better shape than the national one, but it is uncertain at this point if that will continue, based on recent events (WAMU's collapse, etc.).
To see what employers are currently doing to compensation their remaining employees, ask for a copy of our "special report" (see post below).
No comments:
Post a Comment