Low-Wage Industries Continue to supply Most new Jobs
The economy added 146,000 nonfarm payroll jobs last month, considerably stronger than the Bloomberg consensus forecast of 87,000 jobs created. Unfortunately, this job creation is overwhelmingly limited to low-wage sectors, continuing the trend established in the early stage of the recovery which is compressing the level of average hourly earnings to its lowest level on record. The recovery will continue to wane as long as incomes – the fuel for future economic growth – deteriorate.
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