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June 09, 2010

Gluskin Sheff strategist: "There's a significant chance that for the first time ever we will go into the next recession without having seen a new peak in employment."

First time ever, eh? That would be ummm...unprecedented.

...The number employed in the private sector is still about 900,000 below where it was even a year ago, and about 8 million below where it was in 2007. And remember, it has to keep growing just to stand still, because the population is growing.

"There's practically no growth in private sector employment," says Gluskin Sheff strategist David Rosenberg. Jobs growth was anemic even in the parts of the economy allegedly leading the recovery, such as manufacturing. And now, he says, many leading economic indicators have started to turn down again.

The jobs growth is so slow, Rosenberg says, that by his calculations "it is going to take years, probably five to seven years, before we recoup the employment (lost) from the Great Recession," he says. Five to seven years? "There's a significant chance," he adds, "that for the first time ever we will go into the next recession without having seen a new peak in employment."...

Old and busted: Recovery, The New Hotness: Endless Recessions

A job seeker wandering the streets aimlessly

digg this
posted by Purp at 07:59 AM

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