The jobless aren’t the only ones who are suffering during the economic downturn. Many of those who lose their jobs and find new ones take significant pay cuts, with little hope of reclaiming their former income levels.
The latest survey on employers’ hiring patterns is a good news/bad news affair. On the up side, business owners don’t really plan on laying more people off in the next few months. On the down side, they also don’t expect to be hiring all that many people.
It’s a sign of just how bad it’s been in recent times when it’s taken as good news that the national unemployment rate is still 9.7%, which is what the latest Labor Dept. figures show for February. Also on the silver-lining front, while a net total of 36,000 jobs were lost last month, that’s 14,000 less than had been expected.
Here’s some not-so-bleak news to brighten your day. A new study shows that only 20,000 Americans lost their job in the private sector in the last month. That’s down a whopping 67% from January’s numbers. And some are hoping this is just the start of an upward trend.
A Target manager named Michael says he was told he was one of 8,000 full-time specialists and team leaders who would be demoted to part-time. Understandably bitter, he says Target is cutting cost at the probable expense of customer service.