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Huffington Post
First Posted: 02-10-10 01:00 PM |
It's truly been a tale of two unemployment crises.
Though the national unemployment rate dipped slightly in January to 9.7 percent, a new study suggests that not only have low-income workers been the hardest hit by the jobs crisis -- but, shockingly, there has been "no labor market recession for America's affluent."
The study from Andrew Sum, Ishwar Khatiwada and Sheila Palma at Northeastern University's Center for Labor Market Studies suggests that the unemployment problem is largely a problem for low-wage workers (hat tip to the Curious Capitalist).
From the study:
At the end of calendar year 2009, as the national economy was recovering from the recession of 2007-2009, workers in different segments of the income distribution clearly found themselves in radically different labor market conditions. A true labor market depression faced those in the bottom two deciles of the income distribution, a deep labor market recession prevailed among those in the middle of the distribution, and close to a full employment environment prevailed at the top. There was no labor market recession for America's affluent.
To download the study, continue reading here.
