November 09, 2008
Priced Out Of A Job
So how's that minimum wage increase working out for you?
In other news the sun rose in the east again today and is expected to set in the west this evening.
From the fall of 2007 to this October, the share of 16- to 19-year-olds working fell by 8 percent, the largest decline of any age group, and the outlook for youths and low-skilled workers in coming months is bleak, economists say, with the industries most apt to employ them, like home-building and retail sales, taking steep dives.
On Friday, the Bureau of Labor Statistics reported that 240,000 jobs disappeared in October alone, bringing the unemployment rate to 6.5 percent. But construction, for example, had the highest unemployment rate of any industry: 10.8 percent, compared with 6.1 percent a year ago, leaving entry-level applicants in the cold.
“Low-income people are the big losers when the economy turns down,” said Andrew M. Sum, director of the Center for Labor Market Studies at Northeastern University.
Declining economy meets increasing minimum labor costs.On Friday, the Bureau of Labor Statistics reported that 240,000 jobs disappeared in October alone, bringing the unemployment rate to 6.5 percent. But construction, for example, had the highest unemployment rate of any industry: 10.8 percent, compared with 6.1 percent a year ago, leaving entry-level applicants in the cold.
“Low-income people are the big losers when the economy turns down,” said Andrew M. Sum, director of the Center for Labor Market Studies at Northeastern University.
In other news the sun rose in the east again today and is expected to set in the west this evening.
Posted by: Stephen Macklin at 02:28 PM | No Comments | Add Comment
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