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Joseph McLaughlin Center for Labor Market Studies Northeastern University November 2011

The Steep Job Losses and Unemployment Problems Resulting From the Great Recession of 2007-2009 and the Lopsided Economic Recovery From 2009-2011: Rising Corporate Profits and Wall Street Earnings Amidst a Jobless and Wageless Recovery. Joseph McLaughlin Center for Labor Market Studies

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Joseph McLaughlin Center for Labor Market Studies Northeastern University November 2011

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  1. The Steep Job Losses and Unemployment Problems Resulting From the Great Recession of 2007-2009 and the Lopsided Economic Recovery From 2009-2011: Rising Corporate Profits and Wall Street Earnings Amidst a Jobless and Wageless Recovery Joseph McLaughlin Center for Labor Market Studies Northeastern University November 2011

  2. Key Economic Developments, 2007-2011 The Severe Employment Losses Resulting from the Great Recession of 2007-2009 • The loss of over 8 million jobs • The sharp increase in unemployment problems among low income families. The Economic Recovery From 2009-2011 • The gains in Gross Domestic Product from 2009 II to 2011 III • Rising labor productivity • Who got the economic rewards from this recovery in national income? The Remarkable Annual Earnings Growth in the Financial Sector Over the Past Decade

  3. Change in Payroll Employment From the 4th Quarter of 2007 to the 3rd Quarter of 2011, U.S., (Seasonally Adjusted, in 1000s)

  4. Unemployment Problems of U.S. Workers (16+) by Household Income, January-September 2011 (in %)

  5. Trends in Real GDP of the Economy, U.S., 2007Q4-2011Q3 (In Billions of 2005 Chained Dollars)

  6. Trends in the Index of Real Output Per Hour in the Private Nonfarm Sector of the U.S., 2007 IV to 2010 IV (2005 = 100.0)

  7. Trends in the Median Real Weekly Earnings of Full-Time Wage and Salary Workers, 2007 Q4 to 2011 Q3 (In 2011 3rd Quarter Dollars)

  8. Trends in Total National Income and Key Elements of National Income, 2009 II to 2011 II(in Billions of Real 2010 Dollars)

  9. Growth in the Sum/ Khatiwada/ McLaughlin Index of Post-Recession Improvement for Key Employment, Wage, Corporate Profits, and Stock Price Measures, 2009 II to 2011 II

  10. Growth in Real Annual Earnings of Investment Banking and Securities Compared to All Private Sector Workers, MA, U.S., and Wall Street (in 2010 U.S. Dollars)

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