Zuckerman: Recession, Unemployment Far From Over

Wednesday, 27 Jan 2010 09:41 AM
By: Forrest Jones

The rise in the U.S. stock market during the past year does not mean the Great Recession is over and in fact, most hard-hit Americans face continued joblessness in the future, says billionaire Mort Zuckerman.

Unemployment rates are holding around 10 percent as people give up looking for jobs, he says. In other words, the labor force is shrinking, Zuckerman writes in a Wall Street Journal column.

“The problem in the job market going forward is not so much layoffs in the private sector, which are abating, but a lack of hiring,â€