Earn What You Spend

7.2% is the number you’re seeing all over the place - it’s the highest level of unemployment we’ve seen in 16 years.  

The Labor Department’s report, released Friday, underscored the grim toll the deepening recession is having on workers and companies. And it highlights the difficulty President-elect Barack Obama faces in resuscitating the flat-lined economy. This year has gotten off to a rough start with a flurry of big corporate layoffs, pointing to another year of hefty job reductions.

Another trend that isn’t reflected in that number are the slashed hours employers are giving workers: 

Not only are employers slashing jobs; they also are cutting workers’ hours and forcing some into part-time work. The average work week in December fell to 33.3 hours, the lowest level on records dating to 1964 — and a sign of more job reductions in the months ahead, economists said.

More on this here and here.