NEW BRUNSWICK--The unemployment crisis is unlikely to be resolved until 2017, according to James W. Hughes and Joseph J. Seneca, dean and professor, respectively, of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. The two, along with Peter Cocoziello, founder and CEO of Advance Realty, presented a new report entitled “America’s New Post-Recession Employment Arithmetic” at Rutgers University yesterday. The presentation was sponsored by Advance Realty.
The report says that during the last nine years, dubbed the “Lost Employment Decade,” the U.S. has lost 1.7 million private sector jobs. Comparatively, from 1980-2000, private sector jobs saw an increase of 35.5 million.
The presentation was followed by a lengthy Q&A session, in which many concerns about the job situation were addressed, however grimly. “2010 looks like it’s going to be an especially difficult year for New Jersey,” said Hughes during the session. “The job outlook is not very positive,” he added.
“The scary part of what’s happening now is that it’s the service sector that’s become much more vulnerable,” said Seneca, adding that about 80 percent of the job loss in New Jersey has been in the service sector while in the past, the construction and manufacturing sectors would have been hit the hardest. “Something is different this time.”
To hear the presentation, visit: http://services.choruscall.com/links/advance090930.html
