Newsday has a good article that highlights the different perspectives at work after a lay off.
After American Home Mortgage laid of 1500 workers on August 3, 2007 many have been scrambling for new positions in the Long Island NY area. Many of them are still unemployed, their unemployment checks are about to end soon and though they are willing to take pay cuts and change industries, they’re having no success finding jobs. That’s what’s happening right now and they’re in the pinch.
The journalist interviews two economists who are employed and based on historical data act as if there’s really not much of a problem. Historically, the Long Island area has a 3.6% unemployment rate which is well below average and signals a labor shortage.
It’s a bit like saying “if you put one foot in ice water and your other foot in boiling water, on average your feet should feel comfortable.”
I understand where the economists are coming from if, long term, the historical trend continues. In the real world on the street it’s about Christmas, people are getting behind on their bills, and not a little bit desperate. Hopefully Long Island’s historic low unemployment levels and “labor shortages” will get these people back to work soon.
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