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Report: Decreased Jobs and Hours Push Economy Back to 1997 Hours Level

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Center for Economic and Policy Research: Decreased Jobs and Hours Push Economy Back to 1997 Hours Level, By Dean Baker

  • “The benchmark revisions will show job loss was 824,000 larger than originally reported. The loss of 263,000 payroll jobs, coupled with a 0.1 hour decline in the average workweek, pushed the index of aggregate hours to 98.5, slightly below the 98.6 level in December of 1998. Hours worked have now declined by 8.6 percent from the pre-recession peak. In the 1981-82 recession the decline from peak to trough was 5.8 percent. The loss of jobs also pushed the unemployment rate to 9.8 percent. The unemployment rate for men hit 10.3 percent, surpassing the 10.1 percent peak in the 1981-82 recession.”
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