Why this Job Market is Still Terrible: The Politically Incorrect Numbers Everyone is Hushing up

Saturday, August 6, 2016
By Paul Martin

For individuals, it has barely improved since the Great Recession.

by Wolf Richter
WolfStreet.com
August 5, 2016

If you have a salary well into the six figures, stock options, nearly free healthcare, and other benefits such as access to free gourmet lunches and dinners at the company’s food court, you might have missed something that a lot of folks feel every day: It’s still a very tough battle out there in this job market. And here is why.

Today we got what was called a “stellar jobs report”: Non-farm payrolls rose 255,000 in July. In the other component of the report, the household survey showed that 420,000 new jobs were created. There are now a record 123.9 million full-time jobs. Government hiring was strong. Numerous sectors added to payrolls. And the unemployment rate remained stuck at 4.9%, with 7.8 million people deemed officially unemployed.

So everyone was happy. Well, certainly the stock market was. The S&P 500 closed at a new high. The Treasury market started worrying about a Fed rate hike, and the 10-year yield rose to 1.59%

But on an individual basis, on a per-capita basis – and this is what people feel when they’re looking for a job or asking for a raise – these “stellar” figures depict a job market that is only a little better than at the worst moment of the Great Recession.

The Rest…HERE

Leave a Reply

Happy Holidays! Revolution Radio is a 100% volunteer run site. We appreciate any holiday cheer you can spare this Christmas season. God bless!

Follow us on Twitter