The jobless rate at a 16-year low. A record 6 million open jobs. Weekly jobless claims below 300,000 for the longest stretch since the 1970s. By nearly every headline measure, the American jobs market is roaring.

But something is missing — meaningful wage growth. Companies are hiring and layoffs are down, but paychecks aren’t growing as they should.

var storytext = document.getElementById(‘storytext’);
var heightToSkip = 0;

function resetValues()
totalHeight = 0;
targetChildElement = null;

// Check if story is in the blacklist of articles to remove smartassets
// [2017.07.27] Results of a one-off request from r.barbieri
if(BLACKLIST[location.pathname] === true) {
if(storytext == null)
console.log(“Error finding storytext element for SA embed”);

for ( i = 0; i 0)
heightToSkip -= storytext.childNodes[i].clientHeight;
else if(heightToSkip minHeight && targetChildElement != null)
//console.log(“total height = ” + totalHeight);
//console.log(“childNode = ” + targetChildElement);

storytext.childNodes[targetChildElement].insertAdjacentHTML(‘afterend’, smartAssetDiv);
smartasset = document.getElementById(‘smartasset-article’); = ‘left’; // allows module to have text float to right =’20px’; =’25px’;


/* bail out since we’re done */


/* div with id=”smartassetcontainer”. Sanity check to only embed once */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “smartassetcontainer”) {

/* div with id=”ie_column” */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “ie_column”) {

/* embeds from twitter, facebook, youtube */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(’embed’)) {

/* cnn video player */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(‘cnnplayer’)) {

/* images */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘img’)

/* images stored in figure tags */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘figure’)

Before the Great Recession, wages grew around 3% each year. A healthy labor market should generate fatter paychecks to the tune of 3% to 3.5%. Those higher wages help workers keep up with inflation and keep the consumer-driven economy strong.

Since the recession, wage growth has been stubbornly weak, an asterisk in the job market recovery. There was a glimmer of hope in September, when wages rose 2.9% from the year before, the strongest in eight years.

It’s too early to know whether that was temporary, a statistical blip because of the hurricanes, or the beginning of long-repressed wage inflation.

Related: Romans’ Numeral: Is it too late to buy stocks?

Another asterisk: Geography. Unemployment is still high in some places, like Alaska, New Mexico, and Washington, D.C.

And then there’s this: A record 6 million jobs are open in the United States, and at the same time 6 million people are looking for work.

So why can’t those unemployed people fill those jobs? Employers say they can’t find workers who have the right training. It’s been a problem for years.

Other factors that could be holding down wage growth are automation, which is eliminating some jobs, and competition from overseas.

But until wage growth improves, it’s holding the economy back from an even stronger recovery.

CNNMoney (New York) First published October 26, 2017: 5:42 AM ET

Source link

This Content is Generated from RSS Feeds, if your content is featured and you would like to be removed, please Contact Us

Tech Shop Offers

Music and Hifi Offers

Money and Loans

Get the very best deal on Loans, Credit Cards, Bank Accounts and Mortgages.

Motor Insurance Quote

Get a Quick Motor Insurance Quote and Compare from over 65 Providers.

Home Insurance and More

Compare Home Insurance from over 65 Insurance Providers to guarantee you the best deal.

Life Insurance and More

Get a Quick Life Insurance Quote and Compare Deals from UK's well known Insurance Providers.

Travel Insurance Quotes