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A new report recounts how the U.S. workforce has changed since the onset of the Great Recession. Important changes that we’ve seen since 2007 include the graying of the workforce, the economy-wide shift toward services, and the persistent plunge in labor force participation.
Minority households and Americans without college degrees have experienced the largest proportional income gains since 2013. While this suggests that the economic recovery has finally spread throughout society, the income gap between the wealthiest and everyone else continued to widen during this time period.
U.S. median household income rose for a second consecutive year to $59,039 in 2016—a 3.2% increase from 2015 and the highest level ever recorded. While these gains suggest that the nation is finally recovering from the recession, many economists and policy experts are worried that a tight labor market will constrain future gains.
Columnist Lauren Hamer offers a list of the eight worst things you could say to a Millennial in this economy. The list covers a wide range of criticisms that elders have hurled at Millennials, regarding everything from work ethic (“You’d find a job sooner if you weren’t so entitled”) to personal finance (“You don’t save your money like we used to”).
The U.S. labor force participation rate ticked up slightly YOY in Q1 2017—despite the downward drag posed by a slower-growing working-age population. The single largest contributor to higher LFP was fewer consumers staying home for family responsibilities, a trend rooted in a declining U.S. birthrate.
Initial jobless claims fell to 223,000 last week, the lowest level since 1973. While experts may point to this figure as evidence that the U.S. economy is finally back on its feet, plenty of signs of labor market slack remain—such as declining labor force participation.