Understanding the severity of the current labor slump

From: valle (valle@SERVIDOR.UNAM.MX)
Date: Tue Dec 02 2003 - 16:07:36 EST

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Understanding the severity of the current labor slump

By Lee Price with Yulia Fungard

Many observers of the labor market have underestimated the severity of the current labor slump by focusing on the unemployment rate and the gains in real hourly wages. In fact, the current slump is setting records for severity in terms of sustained loss of jobs, the increase in labor market slack, and the decline in aggregate wage and salary income.

Full note at:

http://www.epinet.org/content.cfm/briefingpapers_bp146

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