Do you buy this?
In its annual Labor Day outlook, outplacement firm Challenger, Gray & Christmas says the job market is well on the road to recovery. In fact, Challenger, Gray says it’s rebounding sooner and faster compared with the jobless recoveries that followed the previous two recessions.
The firm, known for regularly tracking corporate jobs cuts, says positive trends include the pace of layoffs and job creation.
“By most accounts, we are barely a year into the recovery,” John Challenger, chief executive of the firm, said in a statement. “At this point in the previous two recoveries – following the 1991 and 2001 recessions – the job market was actually getting worse.”
Challenger said “many people are so caught up looking at the weekly and monthly numbers, that they fail to look at the bigger trends, which indicate just how much the job market has improved over the last 12 months.”
In Georgia, the unemployment rate fell slightly to 9.9 percent in July. But that was because thousands of discouraged workers gave up their search. Also, half of the unemployed in Georgia have been out of work for at least 27 weeks. That’s a lot worse than a year ago.
Challenger acknowledges that “the job market has a long way to go before it fully recovers. After all, this is the worst recession this country has experienced in decades, with unemployment climbing to 10.1 percent as the number of jobless American grew by more 8.3 million, reaching a record high of 15.6 million. It doesn’t take an economist or jobs expert to tell you that it is going to take longer to get all of these people back onto payrolls.
“However, the statistics indicate that the job market has made great strides over the last 12 months.”
Great strides? What do you think about this? Ring true or all wet?
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