Unemployed accepting lower pay

Unemployed accepting lower pay

Long-term unemployment is lessening as people accept lower pay to go back to work.

A surge in long-term unemployment, which Federal Reserve Chairman Ben Bernanke has cited as evidence of a "far from normal" labor market, is abating. That's good news for American companies, which are taking advantage of a pool of 5.2 million people whose career hardships have made them eager to return to work.

Most of the re-employed have had to settle for reduced pay, allowing businesses to keep labor costs low while boosting profits amid sluggish sales gains after the deepest recession since the 1930s.

Read more at The Chicago Tribune.

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