[OPE] Slump magnitudes in the US

From: Jurriaan Bendien <adsl675281@telfort.nl>
Date: Fri Jul 03 2009 - 20:40:01 EDT

The U.S. economy has lost the equivalent of every job created in the past
nine years. (...) "Wages will soon be falling outright, a classic deflation
signal," said Ian Shepherdson, the chief U.S. economist at High Frequency
Economics. Compounding problems, average hours worked fell further in June
to be down 0.8% to a cyclical low of 33 hours a week. The average workweek
has shrunk 8.2% since the start of the recession, placing added pressure on
household cash flows. It also means employers will be slow to hire because
there is ample room to increase work hours.

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