But while the nations payrolls are back to their previous high, they havent kept pace with growth in the working-age population over the last few years.
Moreover, many of the jobs lost have been replaced with lower-paying ones.
As of May, total employment in construction and manufacturing, where pay is relatively high, was down more than 3 million compared with before the recession.
By contrast, restaurants, temporary help firms and retail outlets have added 3 million jobs, making them three of the fastest-hiring industries during the recovery. But their average hourly pay ranges from $12.35 for restaurants to $16.96 for retail, compared with $24.72 for manufacturing and $26.59 for construction.
There have been robust job gains in healthcare, where workers in doctors offices typically earn more than $37.54 an hour, and in fields such as computer design, with average pay of $42.58.
But the share of middle-income jobs has been declining, reflecting a polarized labor market that puts little value on routine work but offers ever-bigger rewards to those with specialized knowledge and skills.
Also, for the average American, housing is the main source of wealth, and that market hasnt grown much throughout most of the country. It still has a long way to go to recover the equity lost in the recession — almost $2 trillion without adjusting for inflation.
Chosen excerpts by Job Market Monitor. Read the whole story at 5 years after the Great Recession: Where are we now? – Los Angeles Times.
It is possible that 2014 will be the best year since 1999 for both total nonfarm and private sector employment. Also employment has reached another milestone: total employment is now 98,000 above the previous peak, and and at a new all time high in May. Of course the labor force has continued to increase over … Continue reading
Furthermore, it is an utterly meaningless benchmark economically. Because the working-age population and with it, the potential labor force is growing all the time, we should have added millions of jobs over the last six-plus years just to hold steady. That means that when we get back to the prerecession employment level, there will still be a … Continue reading
May US Job Report – Employment rose by 217,000, returning employment to its pre-recession level, and UR unchanged
Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing. Household Survey Data The unemployment rate held at … Continue reading