The US economy has finally recovered all of the jobs lost 6 ½ years ago; according to a June 8 article in AP News. During the same period, the national unemployment dropped from 10 percent to just over 6 percent.
According to the Bureau of Labor Statistics, the economy grew by 217,000 jobs in May. Health care and professional services continued to fuel the growth; along with warehousing and transportation. According to the National Conference of State Legislatures, 43 States experienced job growth in April. Illinois had the greatest number of jobs lost. The State lost almost 7,000 jobs in April.
While some view the news as a breath of fresh air; other business analysts and owners do not believe that the standard of living today is better than or equal to the standard in 2007. (The beginning of the depression)
One business executive stated that the key to “phase 2” of the recovery can be found in infrastructure. “Changing or increasing the minimum wage may be part of the solution; but it is not the only one. Baby Boomers are not retiring as fast as originally thought, and it saturates the labor pool. The manufacturing sector will never be the same. One way to address the issue in the near term is to invest in infrastructure. It may buy your more time with retirement transition, and drive the average wage up.”
The recovery, or at least a third of growth over the past 6 ½ years, was driven by growth in temporary positions, retail, and restaurant workers; all lower paying industries.
“The economy has recaptured the jobs that were lost. It also seems unfazed by gridlock in Washington. If you were the decision maker, what would you do to further economic growth? Do you think the best thing you could do for the economy is leave it alone?