Media Say We’re In A Jobs Boom — We’re Not
Economy: We keep reading in the media that the job market is on fire, that we’re near full employment. But it’s a sad truth that the monthly jobs report doesn’t really reflect what’s going on in our hobbled economy.
As everyone knows by now, the jobs data for November show a decline from 4.9% to a 4.6% unemployment rate, as businesses created 178,000 new payroll jobs. What could be better?
While we applaud these improvements, they mask deeper problems with the U.S. job market. As American Enterprise Institute resident scholar Aparna Mathur notes, “You have to look beyond the headline numbers to understand the situation of the American workforce.”
Indeed, troubling signs lurk beyond the “headline numbers.”