- The Bureau of Labor Statistics (BLS) recently reported that the US Unemployment Rate dropped to 3.9% in April (lowest since December 2000).
- However, in 2000 annual non-manager wage growth was +4.3%; it’s currently +2.6%.
- Critics complain that the unemployment rate is a flawed labor market health indicator because it excludes unemployed people not currently seeking work.
- The post-crisis decline in middle income jobs and low wage growth has led many to seek alternatives (more education, stay-at-home parenting).
- A more encompassing indicator is the still-subdued Employment-to-Population Ratio.
