Millions of U.S. teaching, construction and other middle-skill jobs lost in the last recession have not returned, exacerbating the already high unemployment that has been a drag on the U.S. recovery, New York Federal Reserve officials said on Wednesday.
These middle-skill jobs, which pay roughly $25,000 to $50,000 annually, suffered the heaviest losses in the past three downturns when compared with high-skill and lower-skill counterparts, they said at a press briefing on current labor conditions in New York, northern New Jersey and Puerto Rico.
“A feature of the Great Recession and indeed the prior two recessions, is that middle-skill jobs that were lost don’t all come back during the recoveries that follow,” New York Fed President William Dudley said in a speech.
From 2007 to 2010, U.S. employers slashed 9.3 percent of middle-skill jobs as companies coped with falling sales and local governments faced ballooning deficits, a New York Fed study released on Wednesday showed based on federal jobs data.
Since the start of the recovery, middle-skill jobs have increased 1.9 percent.
Chosen excerpts by Job Market Monitor. Read the whole story at U.S. middle-skill jobs struggle to come back: New York Fed | Reuters.
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