Economic Recovery Still Weak


According to new employment numbers, from the AP, the number of employed people is now equal to the pre-recession number of unemployed. That part is great, but the quality of the new jobs created since the beginning of 2008 is poorer, that is less well-paying than those jobs were, and we still have 6.3 % of the work force is unemployed. Furthermore, we have about a million fewer jobs in manufacturing. We are becoming a nation of service workers. Another report that should be good news is that robots are doing more and more of the routine, unskilled work in manufacturing. This results in increased productivity, but as we have seen from some of my prior blogs that increased productivity hasn’t resulted in higher wages. Wages have been stagnant since the late seventies as productivity has steadily increased.

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