(Roughly) Daily

“A man is worked upon by what he works on”*…

 

Jobs

 

Further to last week’s “The most perfect political community is one in which the middle class is in control, and outnumbers both of the other classes”*

The numbers tell one story. Unemployment in the US is the lowest it’s been in 50 years. More Americans have jobs than ever before. Wage growth keeps climbing.

People tell a different story. Long job hunts. Trouble finding work with decent pay. A lack of predictable hours.

These accounts are hard to square with the record-long economic expansion and robust labor market described in headline statistics. Put another way, when you compare the lived reality with the data and it’s clear something big is getting lost in translation. But a team of researchers thinks they may have uncovered the Rosetta Stone of the US labor market.

They recently unveiled the US Private Sector Job Quality Index (or JQI for short), a new monthly indicator that aims to track the quality of jobs instead of just the quantity. The JQI measures the ratio of what the researchers call “high-quality” versus “low-quality” jobs, based on whether the work offer more or less than the average income.

A reading of 100 means that there are equal numbers of the two groups, while anything less implies relatively lower-quality jobs. Here’s what it looks like:

Job Quality

So, what is this newfangled thing telling us? Right now the JQI is just shy of 81, which implies that there are 81 high-quality jobs for every 100 low-quality ones. While that’s a slight improvement from early 2012—the JQI’s 30-year nadir—it’s still way down from 2006, the eve of the housing market crash, when the economy regularly supported about 90 good jobs per 100 lousy ones.

Or, in plainer English, the US labor market is nowhere near fully recovered from the Great Recession. In fact, the long-term trend in the balance of jobs paints a more ominous picture…

Quality vs. quantity: more at “The great American labor paradox: Plentiful jobs, most of them bad.”

Resonantly, see also: “Job loss predictions over rising minimum wages haven’t come true.”  The higher minimum wages in question are still below the average that separates high- and low-quality jobs; but they are a step in the direction of narrowing the gap.

* “A man is worked upon by what he works on. He may carve out his circumstances, but his circumstances will carve him out as well.”  – Frederick Douglass

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As we “Get a Job,” we might recall that it was on this date in 1956 that serendipity yielded one of the coolest collectibles ever: rockabilly legend Carl “Blue Suede Shoes” Perkins was recording at Sam Phillips’ Sun Records in Memphis; Perkin’s buddy Johnny Cash, a Sun artist and a country star by virtue of his recent hits “I Walk The Line” and “Folsom Prison Blues,” was hanging out in the booth; and soon-to-be-famous Jerry Lee Lewis was playing piano (for a $15 dollar session fee– “Whole Lotta Shakin’ Goin’ On” was set for release a few weeks later).

A couple of years earlier, Phillips had launched Elvis Presley with “It’s Alright Mama”; but in 1955, as Elvis’ career exploded, Phillips had sold his contract to RCA, and Elvis moved on.  But The King was back in Memphis that fateful day; he stopped by Sun to say hello… and an impromptu jam ensued.  Phillips had the presence of mind to order his engineer, Jack Clement, to roll tape– a tape that was promptly shelved, forgotten, and unheard for 20 years.  The recordings of what was arguably the first “supergroup” were found in 1976 and finally released in 1981… since when, they’ve been treasured by fans– a new crop of which has emerged with the success of the Broadway musical Million Dollar Quartet.

https://i2.wp.com/farm9.staticflickr.com/8200/8239430651_733906291d_o.jpg source

 

 

Written by LW

December 4, 2019 at 1:01 am

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