Lower-Rung U.S. Workers Get Leg Up in Bankers' View
By Shobhana Chandra May 20, 2014 10:05 AM ET
Earnings for all workers has been hovering near a 2 percent pace since 2010.
Life is looking up for Marco Ruiz, whose four months of unemployment ended in December when a landscaping company in Dallas hired him at $9.50 an hour, with small raises since then and a promotion two weeks ago.
“Things have gotten better,” said the 44-year-old, a maintenance supervisor at The Grounds Guys, which also added a part-time worker this year as sales are climbing. “This is a good job. I’m making $12 an hour.”
Five years into the economic recovery, better days are finally arriving at the bottom of the job market. Since late 2013, unemployment has declined more rapidly for workers with a high school education than those with some college, and incomes for less-skilled and lower-paid employees have grown faster than for those near the top of the ladder, according to government data analyzed by Goldman Sachs Group Inc.
“It looks like things are turning,” said Jan Hatzius, chief economist for Goldman Sachs in New York. The pickup is “looking a bit stronger for less skilled, lower paid workers. There’s been a little bit of the closing of the gap over the last year or so.”
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http://www.bloomberg.com/news/2014-05-20/lower-rung-workers-get-leg-up-in-goldman-s-view-as-u-s-grows.html
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