Christian Science Monitor reports: “Mystery of the ‘jobless recovery” as its Labor Day story.
Focusing on the negatives:
“Employment growth at the moment is the lowest for any recovery since the government started keeping such statistics in 1939. The labor force shrank in July as discouraged workers stopped seeking employment. The number of people employed has fallen by more than 1 million since the ‘recovery’ began in the fall of 2001.”
“Nor are paychecks growing much. . . since the recovery began 20 months ago, after-inflation wages have actually stalled.”
Questionable Labor Day speculation:
“One reason for the meager increase in paychecks, besides the economy, may be the decline of unions.”
AFL-CIO is more dramatic:
“U.S. Workers Struggle in Worst Job Slump Since Great Depression,” citing Economic Policy Institute (EPI) report “Labor Market Left Behind.” Maybe I’ll actually read the latter very detailed analysis later and comment on it. EPI claims to be “the first — and . . . the premier — organization to focus on the economic condition of low- and middle-income Americans and their families, [and to] adhere to strict standards of sound, objective research and analysis.”
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