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IPFS News Link • Employment & Jobs

US Unemployment Figures are a Camouflage. Boom in Corporate Profits, Collapsing Wages

•, By Andre Damon
 The media jumped on the jobs total—significantly higher than the 165,000 that had been predicted—to proclaim an economic turnaround, while the Obama White House said the report indicated that “the recovery that began in mid-2009 is gaining traction.”

In reality, the jobs gained are a drop in the bucket compared to those lost during the recession. In the downturn that started in 2008, the US economy lost 8.9 million jobs, and if previous economic trends had continued, another 5.9 million jobs would have been added. Since the end of 2009, the economy has added only 5.7 million jobs.

At February’s rate of job growth, the US economy would not get back to the pre-recession level of unemployment until 2017.