To many economists, the job figures are both proof of the sustained recovery and evidence of a painful transformation in how Americans earn a living. "The labor market recovery has been disappointing," said Stuart Hoffman, chief economist at PNC Financial Services. Many of these jobs have been permanently replaced by new technologies: robots, software and advanced equipment that speeds productivity and requires less manpower, said Patrick O'Keefe, director of economic research for the advisory and consulting firm CohnReznick. [...] the share of working adults among the overall population is "still bouncing around at the bottom where it was during the worst of the recession"— evidence that meaningful wage gains across the economy are unlikely, O'Keefe said. Median household income is $52,959, which, after inflation, is $3,303 below its pre-recession level, according to Sentier Research. Three generally low-paying industries account for more than one-third of the job gains in the recovery: restaurants and bars; temporary staffing; and retail, according to research by the National Employment Law Project. Mike Evangelist, a policy analyst at NELP, said the nation's evolution away from goods production to a more service-oriented economy has slowed hiring in many mid- and higher-paying sectors. "Any improvement in employment is encouraging," Diane Swonk, chief economist at Mesirow Financial, said in a research note.
Reported by SeattlePI.com 22 hours ago.
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