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Ishwar Khatiwada


U.S. Blue-Collar Economic Recession

The U.S. lost 5.13 million payroll jobs over the past 16 months (December 2007 through March 2009). Nationwide, 28 million 16 and older (the size of Nepal’s population) are either unemployed, underemployed or are hidden unemployed, desiring a job but not actually looking. None of the business, economic, and labor market indicators yet point when this ongoing recession will end. In comparative perspective, of the eleven economic recessions that occurred in the U.S. after the end of World War II, job losses in the current recession are the largest ever in both absolute and relative terms.