Wage and Job Growth

Data through the end of 2017 from the Bureau of Labor Statics today.

Job growth and unemployment numbers are encouraging, but there's more to the reality for American households.

Wages have kept pace with inflation plus a small margin since 2001.  Measuring percentages can be inadequate or even misleading.  If your weekly pay is $380, making $576 seventeen years later (after inflation, that's up about $50) isn't great progress.  That's the 25th percentile.  

We have 113 million in the full time workforce and 25 million working part time.  There are about 20 million who haven't worked in more than a year of which about 7 million aren't looking anymore; they've given up, gone back to parents perhaps or to the streets with the other homeless.  An increasing number are falling out of the labor force for as yet undetermined reasons.

Data through the end of 2017 from the Bureau of Labor Statics today.

Prime employment-age male participation in the workforce

"A crucial measure of how far from full recovery the economy remains is the growth of nominal wages (wages unadjusted for inflation). Nominal wage growth since the recovery officially began in mid-2009 has been low and flat. This isn’t surprising–the weak labor market of the last seven years has put enormous downward pressure on wages. Employers don’t have to offer big wage increases to get and keep the workers they need. And this remains true even as a jobs recovery has consistently forged ahead in recent years." Economic Policy Institute

Only 39% of Americans have enough savings to cover a $1000 emergency. If the water heater dies, or if the car breaks down, most folks haven't got the savings to stay on top. The GAP continues to widen as income for the upper quintiles continues to grow rapidly. 

Things changed in the '70s.  Corporations moved to profit as the exclusive model.  Workers became a liability and were treated accordingly.  Legislation supported the move. Much improvement is needed, still.