Scattered Showers for Labor Day 2001: Job Losses, Falling Wages Hit Many States

Publication Date: September 2001

Publisher: Economic Policy Institute

Author(s): Yvon Pho; Edith Rasell

Research Area: Economics; Labor

Type: Brief

Abstract:

After 10 years of growth, the U.S. economy has faltered. In 2000, the economy gained 2.84 million jobs; by contrast, between March and June 2001 it shed 217,000 jobs. The sizable job declines of 165,000 in April and 93,000 in June are the largest monthly drops since the recession of the early 1990s. The unemployment rate, which usually increases relatively late in a slowdown, has already risen to 4.5% from 3.9% in the last eight months.

The change in the economic climate is having disparate impacts in states and regions across the country, and thus some are experiencing more economic problems than the national numbers may indicate.