An article in thsi morning's New York Times suggests that they may be merely the start of a reconstrction in the US economy.
For those who missed the Feb figures,651,000 people joined the list that represents around 8.1% of the working population and it is the highest level in 25 years.
The paper reports that John E. Silvia, chief economist at Wachovia in Charlotte, N.C says that the jobs wont return
A lot of production either isn’t going to happen at all, or it’s going to happen somewhere other than the United States. There are going to be fewer stores, fewer factories, fewer financial services operations. Firms are making strategic decisions that they don’t want to be in their businesses.”
Ok this has happened before in recessions but never across such a mix of industries.It has effected services as much as it has effected manufacturing.
The question for the Obama administration is what replaces these industries?
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