The economy's doing fine, except if you figure in working families. We're posting great numbers in aggregate demand, yet the lousiest on record for wage growth.
More Quotes from Jared Bernstein:
It's a mistake to think that any increase in wages is inflationary and there is substantial room for non-inflationary wage growth, particularly at the bottom end of the scale.Jared Bernstein
This is a pretty negative report. The reason unemployment ticked down is the labor force contracted. That suggests fewer people are getting into the game, looking for work, and that kind of discouragement can lead to a lower unemployment rate.
Jared Bernstein
It's too soon to call this a 'jobless' recovery, ... but another quarter or two of these types of reports, and that probably will be a relevant title.
Jared Bernstein
This could mean that the labor market is another area coming on line in the nation's recovery.
Jared Bernstein
Folks at the top of the income scale definitely notice when they're paying 3.50 a gallon for gasoline. But for them, that doesn't necessarily mean they are going to have to cut back elsewhere, ... Younger families have lower incomes.
Jared Bernstein
Inequality is growing in all parts of the country.
Jared Bernstein
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