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As Unemployment Rate Falls, New Jobs Pay Less

HeadlineMar 07, 2011

The nation’s official unemployment rate has fallen to 8.9 percent as employers added 192,000 jobs in February. While the unemployment rate is slowly decreasing, economists say it will still take years for the jobless rate to return to pre-recession rates. According to former U.S. Secretary of Labor Robert Reich, the economy would need to add 300,000 jobs every month until 2014 in order for the jobless rate to drop back down to six percent. Meanwhile, a new study by the National Employment Law Project (see PDF) shows that most of these newly created jobs pay significantly lower wages than the jobs eliminated after the Wall Street financial crash.

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