Market Commentary and Intraday News
Most laid-off US workers take pay cuts in new jobs
298 days ago
By CHRISTOPHER S. RUGABER
AP Economics Writer
(AP:WASHINGTON) 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.
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