| Author | Message | ||
     Ashton Side Hero Username: Ashton Post Number: 9557 Registered: 05-2008 Posted From: 66.90.104.94 Rating: N/A |
http://money.cnn.com/2010/12/03/news/economy/employers_doing _more_with_less/index.htm?hpt=T2 "There's no question that employers are being cautious about hiring, especially full-time workers," said Sung Won Sohn, economics professor at Cal State University Channel Islands. "They're not certain the recovery is for real so they're taking their time. And because of productivity gain they don't need to hire as many people." "It's not just getting people to do more," he said. "I think companies have stopped doing things. They've said 'It was a nice to have those extra 23 reports we used to do every week, but we don't have the people to do them.' That's not going to change." That's a key reason the job market has remained stuck in the mud. While gross domestic product, the broadest measure of the economy, has recovered 84% of the output that was lost during the recession, but the labor market has recouped only 11% of the jobs that were lost. "We're producing almost as much as we did before the recession, with 7.5 million less people," said Lakshman Achuthan, managing director of Economic Cycle Research Institute. "The difference is going into the productivity numbers and corporate profits." The latest reading on productivity, which measures the economic output of each hour Americans work during a quarter, was up 2.5% from a year ago in the third quarter, the Labor Department reported this week. It's the sixth straight quarter of gains of that level or higher. |
