Monday, September 08, 2008

U.S. Workers are Worse Off

According to a new study from Rutgers University, American workers are worse off than they have been in years. The study finds that more than 10% of the country is currently unemployed, or underemployed. This number represents a huge increase from last year, and is a bad indicator for our economy.

The study also had a few more interesting statistics about the economy which are outlined below.

  • About 530,000 were subject to mass layoffs in the last year, growth of nearly 5 percent but a lower rate than five and 10 years ago.
  • The median weekly earnings for American workers have not grown in real terms over the past eight years.
  • At $6.55, the federal minimum wage is worth 40 cents less per hour, in inflation-adjusted dollars, than it was a decade ago.
  • Although employer-assisted child care and employee wellness programs have grown quickly over the past decade, they still cover less than one quarter of American workers.
  • Roughly 4 percent of the work force wants to work full-time but is working part time because they can't find full-time work.

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