Categorized | General Interest

Jobs, Wages: Bad News

The Administration’s record on jobs is still pathetic, as the Economic Policy Institute points out: EPI tells us that:

On average, it has taken 21 months to surpass the prior employment peak after a recession. In this case it took 46 months, making this the longest slump of this type on record. Had we done as well over the past year as in the last recovery, we’d have added 3.9 million jobs, an improvement of 1.7 million over the actual record.

And EPI also has grim news about wages:

Wages grew more slowly in 2004 than in the previous year. In fact, the 2.1% growth rate for nominal hourly earnings in 2004 is the lowest in the history of this wage series, which began in 1964.

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