Report: Many Still Looking for Work, Taking Pay Cuts
(NEW YORK) — A new report released by the Bureau of Labor Statistics examines how people who lost their jobs between January 2009 and December 2011 are doing.
The report shows that 56 percent of those who became unemployed found jobs by the beginning of 2012, indicating that a large percentage of the people who lost jobs are still struggling to find employment. Over half of those who found work accepted lower pay, and one-third accepted decreased pay of at least 20 percent. Almost one in five of those who lost work had manufacturing jobs.
By January 2012, 61 percent of men had found jobs, as opposed to 50 percent of women. Asians had the highest re-employment rates in January 2012 at 60 percent, followed by whites at 57 percent, Hispanics at 55 percent and blacks at 46 percent.
The data is based on 6.1 million people who had worked at their jobs for three or more years before being displaced. According to the report, an additional 6.7 million people who held jobs for less than three years were also displaced.
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