Does anyone watch press releases that boast about net gains in jobs?
Does anyone bother to see which jobs are being created and which ones are continued to be lost?
Is there something to be upbeat about when manufacturing jobs are constantly being cut while health services, leizure and hospitality make up most of the gains? In other words, we are replacing good paying jobs with low paying jobs.
There is also this: Economy’s Gains Fail to Reach Most Workers’ Paychecks:
• Real wages have been stagnant for many workers in the 2000s. After rising quickly in the second half of the 1990s, most workers real wages have been stagnant in the 2000s, especially since 2003. This result holds for a wide variety of wage and compensation measurements, including those that add the value of fringe benefits.
• The productivity/wage gap has grown. The gap between productivity growth and workers wages, especially those of middle- and low-wage workers, is at a historically high level.
• Wage growth has been unequal. Wage growth in the 2000s followed a highly unequal pattern, and higher-wage workers gained the most ground.
• Despite low unemployment, workers’ bargaining power has diminished. Though the unemployment rate has been low in historical terms, it does not capture the erosion of employment relative to the population caused by weak growth in (or withdrawal from) the labor force over the past few years. The bottom line is that many workers still lack the bargaining power to claim their fair share of the productivity growth they themselves are helping to create. This is partly due to weak job creation over the course of this recovery.
• More downward pressure on wage growth is likely. The recent slowing of productivity growth and rising unemployment are likely to place further pressure on most workers’ real wages in the near to medium terms.