Wage Recession Hits 5 Years; Worse Than Jobs Drought
By Jed Graham , Investor's Business Daily
Posted 08:05 AM ET

"As bad as the current job recovery has been — and it's by far the weakest since World War II — the recovery in wages has been far worse.

Five years after the recession began in December 2007, total wages in the economy have yet to fully recover in real terms, Commerce Department data show. In other words, the wage recession continues
. . .
The simplest explanation as to why wages have been so sluggish in this recovery is that the depth of job losses eroded employee bargaining power more than usual.

While it may not be true in all industries and specializations, the broad oversupply of labor means that workers have tended to feel fortunate to have a steady job, even without the gravy of pay hikes that outstrip inflation.

Another factor has been the underlying job shift since the end of 2007, with the bulk of the lingering losses in industries that tend to pay pretty well.
. . .
"Job quality is rapidly emerging as a second front in the struggling recovery," the National Employment Law Project, a low-wage worker advocacy group, concluded in a study in August. NELP found that lower-wage occupations accounted for 21% of the recession's job losses but 58% of the recovery's job gains.

By contrast, midwage occupations made up 60% of the job losses in the recession but just 22% of the jobs recovered in its aftermath.
. . .
Another factor at play may be a move toward more part-time work. The Labor Department reports that 7.8 million workers are holding part-time jobs because they can't find full-time ones, up from 4.6 million at the end of 2007, though down from a peak of 9.2 million in early 2010.
. . ."

http://news.investors.com/economy/022813...lump.htm?p=full

Mod please delete prior post of article that has a bad headline. Sorry I don't know how I did that.

You are missing the point Comrade, focus on the Recovery! We are all celebrating the Recovery!

In other words.... we're in deep shite!

the news is so bad nobody can pay attention anymore. the only way out is to die!

I guess it's God's mercy that I likely have a few more years of work and then my retirement.

I DID NOTHING to create this mess.

They created THIS MESS without my consent!

Quote: algernonpj wrote in post #1

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Wage Recession Hits 5 Years; Worse Than Jobs Drought
By Jed Graham , Investor's Business Daily
Posted 08:05 AM ET

"As bad as the current job recovery has been — and it's by far the weakest since World War II — the recovery in wages has been far worse.

Five years after the recession began in December 2007, total wages in the economy have yet to fully recover in real terms, Commerce Department data show. In other words, the wage recession continues
. . .
The simplest explanation as to why wages have been so sluggish in this recovery is that the depth of job losses eroded employee bargaining power more than usual.

While it may not be true in all industries and specializations, the broad oversupply of labor means that workers have tended to feel fortunate to have a steady job, even without the gravy of pay hikes that outstrip inflation.

Another factor has been the underlying job shift since the end of 2007, with the bulk of the lingering losses in industries that tend to pay pretty well.
. . .
"Job quality is rapidly emerging as a second front in the struggling recovery," the National Employment Law Project, a low-wage worker advocacy group, concluded in a study in August. NELP found that lower-wage occupations accounted for 21% of the recession's job losses but 58% of the recovery's job gains.

By contrast, midwage occupations made up 60% of the job losses in the recession but just 22% of the jobs recovered in its aftermath.
. . .
Another factor at play may be a move toward more part-time work. The Labor Department reports that 7.8 million workers are holding part-time jobs because they can't find full-time ones, up from 4.6 million at the end of 2007, though down from a peak of 9.2 million in early 2010.
. . ."

http://news.investors.com/economy/022813...lump.htm?p=full

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Quote: FP123 wrote in post #3

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You are missing the point Comrade, focus on the Recovery! We are all celebrating the Recovery!

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Quote: ThirstyMan wrote in post #4

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. . .

I DID NOTHING to create this mess.

They created THIS MESS without my consent!
. . .

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Hey spoiled sport. Zero said he's "creating" jobs. He never promised you'd get paid for working.

LOL