‘Worcester Economy Stuck in Neutral’
GoLocalWorcester
In an article in GoLocalWorcester, Bryan Engelhardt, assistant professor of economics at the College of the Holy Cross, talked about unemployment in Worcester, Mass.
Responding to a recent Bureau of Labor Statistics report, which revealed that the total size of the Worcester labor force increased by only about 300 jobs during the past year, Engelhardt stated, “The unemployment picture looks crazy.”
Engelhardt then expounded on his point by saying that the unemployment crisis is defined by two factors: one part of the population is in lockstep with typical hiring cycles whereas another part of the population is facing a dwindling labor market. “This is really unusual,” he continued. “If you look at the number of job openings, those vacancy rates have fallen drastically.”
Commenting on those who are currently seeking work, Engelhardt said, “They simply cannot find a job.”
This ‘Holy Cross in the News” item by David Cotrone ’13.