Most laid-off US workers take pay cuts in new jobs
WASHINGTON (AP) - August 24, 2012 (WPVI) -- The U.S. economic recovery hasn't felt like one even for people who managed to find new jobs after being laid off. Most of them have had to settle for less pay.
The Labor Department says in a report that only 56 percent of Americans laid off from January 2009 through December 2011 had found jobs by the start of this year. More than half of them took jobs with lower pay. One-third accepted pay cuts of 20 percent or more.
The figures would be even lower if people who could find only part-time jobs were included in the total.
The report is an illustration of the job market's persistent weakness well after the Great Recession officially ended in June 2009.
economy, unemployment, recession, business/finance
- ABC News: Possible security breach at Target 2 min ago
- Winter Warm Up
- Get the 6abc StormTracker app
- 2013 Troop Greetings
- Police search for suspects in religious store robbery 26 min ago
- Jewelry thieves target Montgomery Co. open houses 10 min ago
- Elderly couple's life savings stolen in Media
- Police: Man shoots self on SEPTA bus 1 min ago
- $6M counterfeit check ring busted in Phila.
- 2 million-dollar tickets sold in NJ, 1 in Del.
- Phil Robertson off 'Duck Dynasty' after gay comments
- Impact of Sunoco HQ, Citibank leaving Philly
- Video: Soldier returning from Afghanistan...
- Barbara Walters' Most Fascinating Person revealed 27 min ago
- Police search for suspects in religious...
26 min ago