Word: laboral
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Dates: during 2000-2009
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...First mooted by economist Arthur Okun in 1962, the law (it's really more of a rule of thumb) says that when the economy grows, it produces jobs at a predictable rate, and when it shrinks, it sheds them at a similarly regular pace. It's a labor version of how the accelerator on your car works: add gas, go faster; less gas, go slower...
...Labor Conundrum The speed of America's now historic employment contraction reflects how puzzling this economic slide has been. Recall that the crisis has included assurances from the chairman of the Federal Reserve that it was over when in fact it was just getting started and a confession from a former Fed chairman that much of what he thought was true for decades now appears to be wrong. Nowhere is this bafflement clearer than in the area of employment. (See 10 things to buy during the recession...
...When compiling the "worst case" for stress-testing American banks last winter, policymakers figured the most chilling scenario for unemployment in 2009 was 8.9% - a figure we breezed past in May. From December 2007 to August 2009, the economy jettisoned nearly 7 million jobs, according to the Bureau of Labor Statistics. That's a 5% decrease in the total number of jobs, a drop that hasn't occurred since the end of World War II. The number of long-term unemployed, people who have been out of work for more than 27 weeks, was the highest since the BLS began...
...America now faces the direst employment landscape since the Depression. It's troubling not simply for its sheer scale but also because the labor market, shaped by globalization and technology and financial meltdown, may be fundamentally different from anything we've seen before. And if the result is that we're stuck with persistent 9%-to-11% unemployment for a while - a range whose mathematical congruence with that other 9/11 is impossible to miss - we may be looking at a problem that will define the first term of Barack Obama's presidency the way the original 9/11 defined George...
...will be run by a consortium, coordinated by academics and supported in part by companies such as Procter & Gamble, PepsiCo and General Mills.) But Walmart is far from perfect. While the company has made great strides on the environmental front, it still has a ways to go on the labor front, especially in ensuring fair treatment for the people in developing countries who work for its vendors...