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US- 5 years after the Great Recession

The economy reached another milestone last month: All 8.7 million jobs lost in 2008 and 2009 have now been regained. Capture d’écran 2014-06-23 à 08.17.04

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.

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