Despite making an impressive turnaround in the past couple years, the US economy still has some struggles. One of the biggest factors facing those in the workforce is a stagnant income pool, with little to no prospect of getting a raise in the near future. Unless you work in one of the new areas that recently voted to hike up the minimum wages, you can expect to keep earning what you are at right now. The US job force was able to take on more workers lately, but this has just stretched some of the business’s pockets a little thin.
US Unemployment Finally At 5.5% But Wage Growth Stands Still
Call it what you want to call it, many businesses are probably rightly intimidated by growth at this point, since they are still reeling from the pains experienced in our most recent recession. So many big name companies went out of business in the past 7 or so years, and some of them may have been ones we never imagined closing their doors. Other long-time business giants are also struggling to keep afloat, but there are some sectors that are still booming.
The good news is that there are more and more people returning to the workforce, this is a great sign of a healthier business market. It is probably considered far better to be employed, than not at all. Sadly there are still so many wage-earning Americans that are under-employed and still struggle to get by. The income that they do make is a nice supplement to the other benefits that they may receive from government agencies, and it certainly lifts some of the burden off the backs of the US Taxpayers.
Some of the recent growth in the job market came from a naturally stimulated economy, as shoppers went out in full force during Q3 and Q4 2014. That combined with reduced gas prices near the holidays, and a lot of people seemed to forget what struggles we just pulled out of from the past few years.
US Unemployment Finally At 5.5% But Wage Growth Stands Still.