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Downturn's Ugly Trademark: Steep, Lasting Drop in Wages

By Implode-Explode Heavy Industries

``Many laid-off workers who have found new jobs are taking pay cuts or settling for part-time work when they get new ones, sometimes taking jobs far below their skill levels. Economists had wondered how far this dynamic would go in this recession, and now the numbers are starting to show it: Between 2007 and 2009, more than half the full-time workers who lost jobs that they had held for at least three years and then found new full-time work by early last year reported wage declines, according to the Labor Department. Thirty-six percent reported the new job paid at least 20% less than the one they lost. ''

Full post as published by Mortgage Lender Implode-o-Meter on January 11, 2011 (boomark / email).