More job losses as us recession intensifies
With a few thousand jobs lost and other job creation projects stalled amid higher gasoline pr바카라사이트ices, the jobs deficit looks far larger than initially feared, according to data from the Bureau of Labor Statistics and the Bureau of Economic Analysis.
With a mere 5 million more jobs in the United States, the deficit for 2015 dropped from $6.1 trillion to $6.3 trillion, according to BLS analysis of the jobs market. With less than two-thirds of the jobs lost since 2008, the gap between the projected employment deficit and the U.S. workforce actually widened.
The BLS estimates the jobs deficit will continue to widen, with job losses in the service industry totaling 15.7 million, and for private sector industries accounting for 12.9 million, rising to 17.2 million.
In addition, labor force participation is continuing to lag far behind its potential, reaching a low of 62.6 percent in January, the lowest since August 2010, according to the Labor Department.
The projected job losses, along with increased automation and outsourcing in the industry, have prompted a shift in government’우리카지노s stance on reducing the jobs deficit, and a possible call for a “job tax.” Many in Washington — even Democrats — now support the proposed income-tax increase that has emerged as a top demand of their supporters.
If Congress agrees to pay higher taxes in an effort to reduce the jobs deficit, job creation projects will likely be stalled, economists say. Already, a job loss in a steel company will delay completion of an electrician’s pole, according to the National Association of Home Builders.
“There are many examples of these types of job losses, and there are plans to addresnatyasastra.coms them. That said, we don’t want to make too many assumptions with regards to what kinds of jobs are protected and what types are protected.” Robert P. Murphy, assistant secretary of labor for tax and economic policy
While jobs lost could reduce the deficit, the BLS estimated $15 billion would be spent on projects to create at least 4.1 million jobs to prevent them.
A variety of factors, including increased infrastructure spending to increase transportation capacity, have been cited to explain higher economic activity that would result in jobs.
“The good news about job growth is the economy is growing, but that growth is not being shared across the population,” said Paul Ashworth, head of the Economic Policy Institute’s National Employment Law Project.
The U.S. economy expanded by an average o