After driving the car with the brakes on for the several years prior to the current administration, policymakers have finally increased government spending. Expansionary fiscal policy, particularly spending, works to boost the economy. Furthermore, nominal wage growth continues to show promise, increasing 3. This is definitely a strong signal that workers are finally beginning to see an improving economy reach their paychecks. However, until nominal wages are rising by at least 3.
For sustained strong job growth for working people, we need organizing and policy changes like the PRO Act, minimum wage increases, etc. And 4. Counting those folks and others who are misclassified, the unemployment rate would be 7. Notes: Payroll employment growth averaged , in the 12 months leading up to the pandemic recession. Population-adjusted employment growth applies population growth in the latest month since February to payroll employment and interpolates in the intervening years.
Note : The number of officially unemployed includes the 5. The number of unemployed but misclassified includes the 2. The 5. Totals may not sum due to rounding. Note: Data are seasonally adjusted. Notes: Data are for workers ages 20 and older. Racial and ethnic categories are not mutually exclusive; white and Black data do not exclude Latinx workers of each race. Unemployment levels are labeled for February, November, and the peak in between. Employment to population levels are labeled for February, April, and the trough in between.
Note: Because of volatility in these data, the line reflects three month moving averages. Obama, of course, became president in January , when the global economy was collapsing and hundreds of thousands of American workers were losing their jobs each month. When you compare the number of jobs when Obama took office with the total now, the difference is a net gain of That's good—vastly better than the addition of 2.
Bush's eight years in office—but not as strong as jobs growth when Ronald Reagan As the end of Obama's term in office neared, the unemployment rate stood at 4.
Yet critics say the unemployment rate is misleading because it only measures those without jobs who are actively seeking employment. What's overlooked is the huge population of workers who have simply dropped out of the labor market. Workforce participation hasn't been as low as it's been lately since the Jimmy Carter-era economic malaise of the s. How many people have given up on seeking jobs?
In , FiveThirtyEight estimated that 8 million working-age Americans were not employed but also not counted in the unemployment rate because they'd stopped looking for jobs. Roughly one out of every six prime-age American males ages 25 to 54 has either dropped out of the workforce or is otherwise unemployed.
He's including high school students, people with disabilities, stay-at-home parents, retirees in nursing homes, and millions of others who would not be working in any economic climate. Could this really be true? Average hourly wages increased 2.
That's better than 2. According to the Economic Policy Institute , if wages had grown at a consistent 3. From to , America's real median household income which factors in inflation saw its biggest increase since such data started being recorded, in
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