The new Job Quality Index (JQI) shows the U.S. economy offering increasingly low-quality jobs with unhealthy and unwealthy workers
“It doesn’t make any difference whether a country makes computer chips or potato chips!”, Chairman of President George H. W. Bush’s Council of Economic Advisors
So, when tomorrow morning at 8.30 a.m. EST, the Bureau of Labor Statistics announces the monthly official unemployment statistics and the administration trumpets “the best economy in history,” we will know why that isn’t true. Yet over the last decade, there has been an apparent disconnect between low unemployment and wage inflation. This has been attributed to lower participation rates among prime and younger workers. But that’s not the whole story.
, while the so-called Asian Tiger economies— Singapore, Hong Kong, Taiwan, and South Korea —accelerated manufacturing at an enormous speed during the 90s. The U.S. manufacturing jobs were eventually replaced, but with low-value-low quality jobs.Many looked to the category of jobs known as Professional and Technical Services as a path for the economy to “move to higher ground.
paints a grim picture. “The success of superstar companies like Google or Apple or Pfizer should not blind us to the fact that today Leisure & Hospitality is our largest sector with 14,7 million non-management employees. It’s a sector that pays such workers $16.58 an hour and the average worker works just 25.8 hours a week – resulting in average weekly income of $428. ”
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