"Employers [are] more determined than usual to boost output per employee rather than the number of employees," the Wall Street Journal dryly noted.
The bosses stretched out the workweek from 40.9 hours to 41.1 in manufacturing, and from 34.2 to 34.3 overall. Employment in manufacturing declined by 23,000 jobs during the same period.
In its revised figures the government agency said payrolls actually dropped by 165,000 in February, rather than rising by 66,000; fell by 5,000 and 21,000 in March and April instead of rising by 58,000 and 43,000 respectively; and rose by only 24,000 in May after indicating a 41,000 gain. Employment in 2001 was 340,000 below original estimates, the department reported.
"The recovery is starting to look as bad, if not worse, for workers as the ‘jobless recovery’ of 1991-92," the big business newspaper explained.
The chief economist for Wells Fargo Bank told CNN that he estimated unemployment will continue to climb through the summer, hitting 6.5 if current trends continue.
Front page (for this issue) |
Home |
Text-version home