Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 23 May 2014 [View all]xchrom
(108,903 posts)23. No Recovery for Workers in the Middle
http://www.bloomberg.com/news/2014-05-21/no-recovery-for-workers-in-the-middle-.html
Whether it's the back seat of a subcompact car or the U.S. labor market, the middle can be an uncomfortable spot.
Highly educated Americans have been enjoying the recovery for quite a while. And low-skilled Americans may finally be recovering some of their lost ground, Bloomberg News reports. The jobless rate for workers with a high school education or less is down about one percentage point since December, for example.
Left out are so-called middle skill workers, according to a new analysis from the Federal Reserve Bank of New York. The worse-than-mediocre prospects for these average workers repeats a four-decade trend. Recessions destroy a disproportionate number of middle-income jobs, like those held by secretaries and machine operators, that can be easily outsourced or automated. When the economy recovers, theres demand for jobs at the top, like doctors and tech workers, and at the bottom, like restaurant workers and home health aides. But most of the jobs in the middle are gone forever.
What job categories are growing? Those that require one-on-one personal contact. Its tough to outsource building maintenance staff or yoga instructors. Some get OK wages, like teachers and police officers. But many of the fastest-growing job categories barely get above minimum wage. More and more manicurists, retail clerks and wait-staff are needed to serve the high-income groups willing and able to shell out for more makeovers, shopping sprees and meals out.
In theory, better educational opportunities could help more Americans vault into high-skill jobs. But thats quite a leap to make. Increasingly, the U.S. job market is looking like a ladder with a bunch of rungs missing.
Whether it's the back seat of a subcompact car or the U.S. labor market, the middle can be an uncomfortable spot.
Highly educated Americans have been enjoying the recovery for quite a while. And low-skilled Americans may finally be recovering some of their lost ground, Bloomberg News reports. The jobless rate for workers with a high school education or less is down about one percentage point since December, for example.
Left out are so-called middle skill workers, according to a new analysis from the Federal Reserve Bank of New York. The worse-than-mediocre prospects for these average workers repeats a four-decade trend. Recessions destroy a disproportionate number of middle-income jobs, like those held by secretaries and machine operators, that can be easily outsourced or automated. When the economy recovers, theres demand for jobs at the top, like doctors and tech workers, and at the bottom, like restaurant workers and home health aides. But most of the jobs in the middle are gone forever.
What job categories are growing? Those that require one-on-one personal contact. Its tough to outsource building maintenance staff or yoga instructors. Some get OK wages, like teachers and police officers. But many of the fastest-growing job categories barely get above minimum wage. More and more manicurists, retail clerks and wait-staff are needed to serve the high-income groups willing and able to shell out for more makeovers, shopping sprees and meals out.
In theory, better educational opportunities could help more Americans vault into high-skill jobs. But thats quite a leap to make. Increasingly, the U.S. job market is looking like a ladder with a bunch of rungs missing.
Edit history
Please sign in to view edit histories.
41 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
Jamie Dimon’s sinister P.R. ploy: What’s really behind JPMorgan’s Detroit investment
Demeter
May 2014
#20
And the self-inflicted wounds are going to kill us long before they bother the rest of world
Demeter
May 2014
#41
You know, I wasn't paying particular attention and another Weekend Snuck Up on Me!
Demeter
May 2014
#22
NYSE Margin Debt Declined Again in April; Leading Indicator for a Market Correction?
DemReadingDU
May 2014
#31