Ilyce Glink Radio Show Notes November 7 2010
150,000 Jobs Created Not Enough To Lower Unemployment
It was an interesting week of business news. First, the stock market finally returned to a level not seen since the week before Bear Stearns collapsed. Next, the private sector created 100,000 new jobs, and added together with the public sector, a total of 150,000 or so jobs were created last month. While that was far above what most economists had estimated, the unemployment rate stayed at 9.6 percent because so many people have just thrown up their hands and walked out of the employment market.
There are roughly 15 million Americans who are unemployed. And, before you get excited about 150,000 new jobs, understand this: At the pace of job creation, it will take more than a decade to return to what economists call “full employment,” which is a level of unemployment of about 5.5 percent.
Creating 150,000 jobs per month just keeps pace with the growth in our population. It doesn’t do a damn thing for anyone who is currently out of work.
On the show today, I heard from a number of women who were downsized from a full-time job to a part-time job, and then lost that part-time job. But we also got messages of hope, calls from women who had been there and back and wanted to pass along words of encouragement.
I love that part of the show – when my listeners call in and help each other out. There’s only so much I can do – but providing a forum, a place where people can encourage each other and help, is a joy.
We only had an hour on the show today. Next week, we’ll be talking Medicare and Open Enrollment Season and Foreclosures. I hope you’ll tune in. We’ll have two weeks and then in a few weeks, football will be over and we’ll return to our regular 11a to 1p timeslot.
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