Hidden Amid Job Loss News, an Increase in Wages

Last winter, stories of companies cutting their workers' pay were everywhere...But that's not what has happened.
Wage growth has picked up in the last several months, according to two different government surveys. You don't hear or read nearly as many stories about pay cuts these days. Even though unemployment has reached its highest level in 26 years, most workers have received a raise over the last year.
That contrast highlights what I think is one of the more overlooked features of the Great Recession. In the job market, at least, the recession's pain has been unusually concentrated.
And it hasn't been concentrated in the typical way. Nearly every region and every demographic group has indeed been affected. But the pain has been concentrated within groups.
People who have lost their jobs are struggling terribly to find new ones. Since the downturn began in 2007, companies have been extremely reluctant to hire new workers, and few new companies have started. The economy and the job market are churning very slowly.


Hidden Amid Job Loss News, an Increase in Wages