As we continue to read good news about the job market and low unemployment rates, it’s easy to forget about the nitty-gritty details of who is in the American workforce and what they are looking for in terms of employment. A few weeks ago, we released a report on the state of jobs, specifically asking hourly-wage workers what kind of work they were looking for. Due to the low unemployment rate but the high number of people job seeking – almost a quarter of Americans – we concluded that Americans are painfully underemployed.
Interestingly, economists have been keeping an eye out for signs that we are nearing a “full employment” economy; when everyone who wants a job has one. The fear associated with this situation is rising wages due to competition. However, this isn’t the case. Although the employers added 209,000 jobs in July 2017, employers still are not struggling to find workers. Wages have remained stagnant while the cost of living rises. While Americans are largely employed, it seems to indicate that these jobs are not making ends meet.
To help you understand the state of the workforce, our amazing graphic designer created this comprehensive infographic. See anything we’re missing? Reach out and ask about it!