Jobs Situation Just a Bit Better, Wages Meh

Nov. 7.  The October jobs report is out today.  E-pop, employment as % of the total working age population is up .2%. That’s certainly positive, but at 59.2% it’s still well below the 63% before the Great Recession

Mike Cassidy of the Fiscal Times looked into this a bit more. He wrote about prime-age workers, who are from 25 to 54 years old. He says, the prime-age E-P ratio, which averaged 79.4 percent from 2003 to 2007, has rebounded much more slowly than the unemployment rate, rising from a low of 75.1 percent to just 76.9 percent today.” So it has only recovered half of what was lost.

The official “unemployed” are down 267,000… to about 9 million.  That’s over 2 million less than last year.  In addition there are 7 million working part time who want to work full time.  So there are still 16 million in the US labor force out of work completely or unhappily on  part time

As for wages, average pay went up  3 cents an hour (champagne for everyone!).  The New York Times points out that since the recovery from the Great Recession began five years ago, corporate profits went up 46% and the stock market rose 92%!  Household family income has not been so lucky.  It dropped 3%.  

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