Lots of people laid off during the recession are landing new jobs ... but they are making a whole lot less.
Some 52% of unemployed people surveyed recently by Rutgers University found new positions within six months of losing their jobs.
But roughly an equal share of the unemployed who landed new jobs had to settle for pay cuts, according to the report by Rutgers' Heldrich Center for Workforce Development.
Here are the details:
Beyond Big Miss: Wkly earnings down, aggregate payrolls up, PT for econ. reasons WAY down.Returnees working cheap = wage/price disinflation
— Dan Alpert (@DanielAlpert) April 06, 2012
Dan Alpert, a managing partner at Westwood Capital in New York, is one of my favorite sources. He was a life saver on that fateful Sunday night in September 2008 when it seemed the world was ending. He was in the CNN studios doing TV MOREPaul R. La Monica - Apr 6, 2012 3:07 PM ET
Here's more good news for the recovery: 47 states are predicted to see their economies strengthen over the next six months, according to a report issued by the Philadelphia Fed Tuesday.
Among them, West Virginia has the strongest prospects, likely due to a boost from natural gas drilling in the Marcellus Shale. The state also wasn't hit hard by the housing boom and bust, and has had far fewer government layoffs than other MOREAnnalyn Kurtz - Apr 3, 2012 4:04 PM ET
Today's college grads are earning far less than their older siblings coming out of school.
Entry level wages for male college graduates fell to an average of $21.68 an hour last year, down 11% from 2001, according to a new report from the Economic Policy Institute, a left-leaning group.
Women, meanwhile, saw their average hourly wage drop to $18.80, down 7.6%.
"Young college graduates who finished their education in the last five years MORETami Luhby - Mar 7, 2012 4:53 PM ET
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.92%||3.97%|
|15 yr fixed||3.00%||3.08%|
|30 yr refi||3.99%||4.02%|
|15 yr refi||3.10%||3.16%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|