It is indisputable that the U.S. labor market is strong. The share of the population ages 25–54 with a job is at a 23-year high, median household incomes rose 4.0% last year, and real wage growth over the last four years has been broad-based and strong. The economy has not only regained the nearly 22…
A problem with the “labor market” is that it doesn’t exist. They’re simply measuring how many people are being used (aka un/employed). This is a measure of misery not something that we should target.
And the rise of “real wages” doesn’t really mean much if the inflation numbers are cooked (they are) and especially if people are still earning far less than a living wage.
We need meaningful metrics that represent progress for labor: % earning living wage, average vacation days, length of work week (4-days or less preferably), occupational safety, time wasted commuting, etc. These metrics might actually mean something.
Even worse, they’re measuring occupied jobs while ignoring that employers pay unsurvivable wages on part time jobs so everyone needs 2-3 to make ends meet.