It could take until the middle of the decade or longer for the nation to generate enough jobs to drive down the unemployment rate to a normal 5 or 6 percent and keep it there.
That’s the prediction in the Forbes.com article "Even as Economy Mends, a Jobless Decade May Loom."
About 15.4 million people are unemployed. The jobless rate is 10 percent. More than 7 million jobs have disappeared. A record 5.9 million people have been out of work for at least six months. In addition, household income, adjusted for inflation, has shrunk in the past decade.
And baby boomers, whose retirement accounts have decreased in value, could put off retiring and stay in the work force longer, the article reports. That would leave fewer positions available for the unemployed.
What’s your job situation? Will you be working longer than you’d planned due to the downturn in the economy? Are you looking for work? How are your kids doing in job hunting?
Let me know in the Comment section below.
Copyright 2009, Rita R. Robison, Consumer Specialist