Word: joblessness
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...country's spiraling debt, per capita income has plummeted from $28,600 to $6,800 in the past 20 years. Though one-third of all Saudis are unemployed, the kingdom imports 6 million foreign workers to fill the low-wage jobs Saudis don't want. Restive and jobless young Saudis have nowhere to turn in an antidemocratic society governed by puritanical social norms: Saudi authorities ban dance clubs and movie theaters, forbid women to drive and prohibit men and women from mixing in public. "That adds up to a fragile situation," says a U.S. official...
...catchphrase for the times is jobless recovery: national income is rising, but employment is not. That's not unusual immediately after a recession. Businesses are typically quicker to lay off workers than to hire them back. But sometimes, as in the aftermath of the 1990-91 recession, the economy grows for months without a significant boost to payrolls. The statistics say one thing; people killing time in the unemployment line say another...
With 1.8 million net jobs lost in 2001 and little improvement in the unemployment rate so far this year, are we heading toward another spell of cold comfort? That was the question TIME posed to its Board of Economists. "It will feel like a jobless recovery largely because our point of reference is the boom years of the '90s, when unemployment went all the way down to 3.9%," says Nariman Behravesh, chief economist for the consulting firm DRI-WEFA. "When it is up around 6%, it feels a lot worse...
...irrigation channels of local farmers currently being encouraged to switch from opium to corn and wheat, but it will be capable of generating hydro-electric power, much like Kajaki dam in neighboring Helmand province. "By starting these projects," says Noorzai, "some of the people of this province who are jobless will find work which will obviously be good for the economy...
When jobs are this tough to find for young Americans, the enterprising ones hire themselves. More than a third of jobless managers starting their own businesses were under 40 in the first quarter of 2002, says a survey released last week by the outplacement firm Challenger, Gray & Christmas. That's up from 25% for the fourth quarter...