Enough High-paying Jobs

Over the past year, 352,000 high paying jobs in industries such as construction and manufacturing have been lost while the economy has added only 117,000 jobs. The higher paying jobs in engineering and law firms have also fallen in the past 12 months.  “If we don’t see significant job growth by the end of the year, the economy could be in serious trouble,” said Bill Cheney, chief economist at John Hancock. Analysts believe that the unemployment rate will rise into double digits again due to the private sector not creating jobs fast enough.  To make matters worse, many of the new jobs being created do not pay enough to impact spending by shoppers and stimulate the broader economy.  The lower paying sector has generated 513,000 jobs this year so far.  This shows the reason Americans overall have limited their spending and will probably continue to do so.

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Posted by newsplet on Aug 8 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry