Jobs Non-Newsflash: Labor Dept Says Last 3 Years Were BAD

The Labor Department released this sobering report on worker displacement from 2007-2009. Displaced workers are defined as persons 20 years of age and older who lost or left jobs because their plant or company closed or moved, there was insufficient work for them to do, or their position or shift was abolished.

Here are some of the lowlights:

• 6.9 million workers were displaced from jobs they held for at least three years
• Of the displaced, only 49 percent were reemployed by January 2010
• 55 percent who found jobs by 2010 earned less than before
• 43 percent of long-tenured displaced workers cited insufficient work as the reason for their displacement, up from 24 percent

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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