Pay cuts plague most laid off workers in new jobs
The Labor Department found only 56 percent of Americans laid off from 2009 to 2010 found new jobs by early 2011, with more than half accepting lower pay and a third taking 20 percent or more cuts. The data illustrate persistent weakness after the Great Recession and total layoffs of about 6.1 million in the three years ending 2011.
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Drop in durable goods orders signals weak manufacturing
U S durable goods orders fell in July excluding transportation, the fourth decline in five months, while overall durable goods rose 4.2 percent. Core capital goods dropped 3.4 percent, the steepest drop since last November, signaling weaker business investment and potential Fed policy action. Unemployment sits at 8.3 percent as CBO warns of a possible recession without a budget deal.
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