Even as the economy has picked up in recent months, the recovery does not seem to be producing jobs. In a new study published by the Federal Reserve Bank of New York, economists point to structural changes in the economy that cause the production of fewer jobs. They argue that management today is quick to layoff workers and less likely to rehire them. Other factors include productivity gains and the migration of jobs overseas.
See "Why hiring languishes even as economy gains", David R. Francis, The Christian Science Monitor, September 8, 2003