According to the BLS, we created 248,000 new jobs in September while also falling under 6% unemployment for the first time since July 2008. While these statistics are all very encouraging, it is pointed out in this article that wages still have yet to see any improvements. They have moved a measly 2% compared to just one year ago, but if you factor in inflation, it is actually below that. What really needs to be examined is the portion of Americans who have stopped looking for work because they don't think they can find work and the number of Americans who work part-time, but cannot find a full-time job. This category is also referred to in the article as the U-6 rate. Fed chair Janet Yellen said that this rate will give a better indication of the health of the job market and unemployment in our country. It seems that this portion of workers or people who are on the "fringe", are the reason why wages are stagnate. This article emphasizes that although we have recently seen continued job growth and a decreased unemployment rate, the reality is Americans are making little to no more money at all. Don't get me wrong, it seems that our job market is heading in the right direction, but to go along with this article, I think we all need to hold back on celebrating. There is still a lot that needs to be done, because we all know this is not where we want to be as far as the labor market goes.
http://www.huffingtonpost.com/2014/10/03/real-jobs-numbers-sad-state_n_5926898.html?utm_hp_ref=business
It is interesting and important to recognize this, and to look at things such as the U-6 chart for unemployment. But how many Americans do this? Why do news outlets seem to only want to report the more positive U-3 data? It seems that it would be better to look at the economy as it really is rather than through rose colored glasses if we are to truly looking for things to improve.
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