Though he has gotten offers, none recently has appealed to him. Four months ago, I could have had any job I wanted. Employers can pick and choose, so it's a little frustrating. The deteriorating labor market already seems to be hitting historically disadvantaged groups especially hard. Many people who would have been considered unemployable during prior expansions found entree into the work force in recent years through temp agencies.
People recently leaving welfare rolls under tough new laws are particularly vulnerable.
Many of those people can still find new jobs, but at much lower pay. No less impressive was the consistency of the earnings bounty. While some, like Federal Reserve Chairman Alan Greenspan, remain optimistic that new technology still holds tremendous potential for economic and profit growth, others are skeptical. Either way, a lot is riding on how long the current profit crunch continues. Job creation won't likely pick up until profits do.