Corporate America took the recession as an excuse to “increase productivity”, which is to say Pay workers less to do more. Despite robust profits, they’re unwilling to resume hiring.
Annie Lowrey brings the data:
Wondering what’s behind those recent jobless recovery numbers?
1. Fortune 500 companies tripled their profits to $391 billion in 2009.
2. They also slashed their payrolls by more than 800,000 jobs.
There’s been a lot of talk about productivity growth lately, and I think this does a good job explaining what’s going on: Corporations are getting more from fewer workers.
