Strong second-quarter earnings from McDonald's, General Electric and Caterpillar on Friday are just the latest proof that booming profits have allowed Corporate America to leave the Great Recession far behind.
But millions of ordinary Americans are stranded in a labor market that looks like it's still in recession. Unemployment is stuck at 9.2 percent, two years into what economists call a recovery. Job growth has been slow and wages stagnant.
"I've never seen labor markets this weak in 35 years of research," says Andrew Sum, director of the Center for Labor Market Studies at Northeastern University.
Wages and salaries accounted for just 1 percent of economic growth in the first 18 months after economists declared that the recession had ended in June 2009, according to Sum and other Northeastern researchers.
1 comment:
MOST jobs are created by the small business sector; not big corporations.
business people have been "holding on" to their capital because they don't trust this administration. bo and the demos are NOT business friendly and are taxing and regulating us to death. they are NOT going to move off their dime until there are massive changes. maybe won't move until bo and the demos are gone.
do you blame the people with money? after all it is THEIR MONEY; not yours and certainly not the governments. these business people take chances everytime they grow their business and start new businesses. again; it's their money they are taking chances with.
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