NEW YORK (CNN/Money) -
Judging from the latest government data, more than 50 percent of workers who lost or left full-time work between 2001 and 2003 and were lucky enough to have found another full-time job by this year were earning less than they used to.
From January 2001 through December 2003, 5.3 million long-tenured workers were displaced from full-time or part-time jobs they had held at least three years, according to a new report released Friday by the U.S. Bureau of Labor Statistics.
Displacement in this context is defined as a job that was lost or left because a plant or company closed or moved, there wasn't enough work to do or a position or shift was eliminated.
Among the long-tenured workers who were displaced, 65 percent had found either full-time or part-time work by January of this year, when the BLS survey was conducted. Another 20 percent were still unemployed and 15 percent were not in the labor force, meaning they said they had not looked for work in the four weeks prior to the survey.
But 57 percent of the group who had lost full-time jobs and found new full-time work reported that they were now earning less than what they earned in their old jobs. Indeed, about one-third of those with smaller paychecks were being paid at least 20 percent less.
In unpublished data, the BLS found that among all workers displaced from 2001 through 2003 -- a total of 11.4 million people -- 52 percent of those who lost full-time work and regained it by this year were earning less than they used to.
Reasons for job displacement
Among the long-tenured workers surveyed, 43 percent said plant or company closings or moves accounted for their displacement.
Another 29 percent cited elimination of their position or shift.
And 28 percent said there wasn't enough work to do.
Among industries, manufacturing accounted for 1.7 million long-tenured workers who were displaced -- or nearly a third of the total.
Wholesale and retail trade accounted for 765,000 displaced workers, or 14 percent of all long-tenured displaced workers.
Professional and business services accounted for 595,000 displaced workers, 11 percent of the group.
The financial industry saw displacement of 355,000 long-term tenured workers, or nearly 7 percent of the group. Likewise education and health services, with a loss of 346,000 workers.