(Florida) Job market is not likely to improve with recession recovery

[DemocratSinceBirth]

Economist: Job market not likely to improve with recession recovery


Even as companies hire more workers, the recovery won't be enough to heal a battered labor market still suffering from a historic recession, a Miami Federal Reserve executive said Thursday.

``I personally think the economy is going to change forever when it comes to unemployment,'' said Juan Del Busto, regional executive for the Fed's Miami branch.

Del Busto, one of South Florida's veteran economy watchers, described a hiring climate fundamentally altered by Florida's worst downturn since World War II.

Even as companies see sales rebound, they aren't bringing back workers to match the comeback, Del Busto said. Instead, they're squeezing more work out of fewer employees and turning to contract and part-time labor rather than offering full-time positions.

``Under-employment is significantly higher than in past recessions,'' Del Busto said, using the term for people working fewer hours than they'd like or at a job well below their expectations. He predicted unemployment -- now stuck at 10.5 percent in Broward and 13.1 percent in Miami-Dade -- would remain elevated at least through 2015.



Read more: http://www.miamiherald.com/2010/11/19/1933189/recovery-wont-fix-jobs-problem.html#disqus_thread#ixzz15jy0yxII

[bigdarryl]

1. Thats there master plan to not hire so Obama can be blamed in 2012

[DemocratSinceBirth]

2. It's Sad Because FL Is A Nice Place To Live

It has the urban, suburban, and rural with everything in between.

[RockaFowler]

3. I love living here, too

But boy I'm not sure how much longer I can handle my husband being out of work. He keeps trying, but people are not hiring. 15% unemployment in St Lucie County. God I hope it gets better . . .

[retread]

4. But, but, the gov-elect has said he will create 700,000 new jobs after doing away

with corporate taxes, regulations, and state workers. This article says Governor Voldemort won't create any jobs!

[peekaloo]

5. right now he's way too busy planning his coronation.

really very disgusting given the state of , well, the state.

[karynnj]

6. The Miami Herald title distorts what the expert said

He said that recovery will not "heal" the job market - then speaks of a long term structural problem. Those are very important comments and they go far beyond anything done - good or bad - to the economy in the last 3 or 4 years. It is an issue that needs serious attention and thoughtful proposals.

Instead, this is basically political. Nothing any expert said says it will not improve - the problem is that it is very very unlikely to help enough. Note that Del Busto does not say that the rates will not decline - he says they will remain elevated.