In Recovery, Business Will Profit at Workers' Expense

Men have been hit hardest by high unemployment, writes David Brooks

(NEWSER) - America is facing a period of prolonged high unemployment that will require a strong response to stop the bonds of society from breaking, writes David Brooks. The recession's biggest impact has been on men, Brooks writes, noting that the gap between male and female unemployment is at its highest since records began. "Men who are unemployed for a significant amount of time are more likely to drink more, abuse their children more and suffer debilitating blows to their identity." More»

Companies cut 190,000 jobs last month

(NEWSER) - Unemployment cracked the 10% barrier last month, as 190,000 workers lost their jobs, according to Labor Department figures released today. The bigger-than-expected losses bring the rate to 10.2%, a 26-year high. And the underemployment rate, which includes would-be full-timers working part time and those who've given up looking for work, hit a record high of 17.5%. “It is no surprise that consumer confidence is backpedaling, and the outlook for consumer spending is poor,” one economist tells Bloomberg. More»

(NEWSER) - US employers cut an estimated 742,000 jobs in March, a larger drop than expected, Bloomberg reports. The figure, from a report based on private payroll data, comes days before the Labor Department is expected to make a similar announcement. If the numbers prove accurate, it would mean that employers shrank payrolls for the 15th consecutive month, putting total job losses at 5 million. More»

Economists say any doubt we're in recession is gone

(NEWSER) - Democrats are calling for another stimulus package to help American workers as unemployment soars, the New York Times reports. Almost 250,000 American jobs have been lost since the beginning of the year—including 80,000 in March—leading one policy expert to say it's time the government switched focus from the housing crisis to the flagging job market. More»

Non-farm payrolls fall 80,000 in March, biggest drop in five years

(NEWSER) - Unemployment surged in March to 5.1%, the worst it’s been since September 2005, reports the Wall Street Journal. The country lost 80,000 non-farm jobs last month after dropping 76,000 jobs in both January and February. The third sharp drop fuels fears that the US has slipped into a recession and may prompt another interest rate cut by the Fed. More»