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The Employment Situation: November 2008: Hearing Before the Joint Economic Committee, Congress of the United States

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The Employment Situation: November 2008: Hearing Before the Joint Economic Committee, Congress of the United States

by United States Congress Joint

About this title: Original publisher: Washington: U.S. G.P.O., 2008. LC Number: KF25 .E2 2008p OCLC Number: (OCoLC)430492569 Subject: Labor market -- United States. Excerpt: ... 11 is pretty much in sync and has been pretty much I think in sync I think with the payroll jobs. Representative English. Thank you, Madam Chair. Vice Chair Maloney. Thank you. Congressman Cummings is recognized for five minutes. Representative Cummings. Thank you very much. Mr. Hall, let me ask you this. You said something that was very interesting - you said a lot that was very interesting, but tell me what is the significance. You said this jobless situation is a little different and the recession is a little different in that you see such a loss of jobs in the service area. Tell me what the significance of that is. Commissioner Hall. At least in my mind it is pretty consistent with the real declining consumer spending. Consumer spending is an extremely important part of economic growth. To give you an example of how this might be different than say the last recession, consumer spending never declined a great deal during the last recession. That was a recession that seemed to be centered somewhat more in equipment and software investment. This recession we have got really quite a large drop in consumer spending. I think part of what that means is that that is probably why we have had such a broad job loss in the labor market. Representative Cummings. And so that means that we have gotten way down, then. In other words, we are not just talking about manufacturing, we are talking about people when it comes to maybe going to the barbershop, instead of going once a week they go once every three weeks, and stuff like that; and I guess going to restaurants, and things of that nature. Is that what that is? Go ahead. Commissioner Hall. Yes, absolutely. The job loss has been spread out through a lot of different industries. Now a lot of it has been in durable goods industries. It always is during recessions b...

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