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The Numbers Behind Workers Financial Fears

From unemployment to home foreclosures to declining wages, employees’ economic fears are well founded.

November 21, 2008
Related Topics: Career Development, Downsizing, Employee Career Development
Employment fell by 1.2 millionin the first 10 months of 2008. More than half of the decrease occurred from August to October.
The number of unemployed workers increased by 603,000in October, to 10.1 million. Over the past 12 months, the number of unemployed has increased by 2.8 million.
In October, 18.4 million workers were underemployed, including 10.1 million unemployed, 1.6 million "marginally attached" workers and 6.7 million people who worked part time but wanted full-time work. That is a 42 percent increase from the 13 million underemployed a year ago.
Job openings
There were 2.9unemployed workers for every job opening in August, up from 1.9 in January and 1.8 in August 2007.
Median wages
Median weekly wages for full-time workers have fallen 1.6percent during the past year.
There were 265,968home foreclosures in September alone, 21 percent higher than September 2007. There were 765,558foreclosures in the third quarter, 71 percent higher than the third quarter of 2007.
Pension loss
An estimated $2 trillionin pension wealth has been lost in the past 18 months because of the financial crisis.

Source: Economic Policy Institute, citing data from the Department of Labor, the Bureau of Labor Statistics, RealtyTrac and the Congressional Budget Office

Workforce Management, November 17, 2008, p. 19 -- Subscribe Now!

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