Job Creation Not Stimulating Consumer Spending?
Although the unemployment rate has dropped to 9 percent from a peak of 10.1 in October 2009, most jobs being created do not match the wages, hours, or benefits of the positions that were initially lost in the recession. It appears that the jobs that would trigger individuals to spend and boost the economy are not being created. People are having to accept jobs where the pay and hours are less than their previous employment. For example, Lowe’s eliminated 1,700 managerial, sales and administration positions and created 8,000 to 10,000 weekend sales and assistant store manager positions. This is the trend for most businesses. Even the health-care industry is replacing doctors, nurses, dentists and other health-care professionals with physician assistants, medical assistants, dental hygienists, and physical therapist aides. While individuals have started to accept that they may need to adapt and settle for any full-time position they can get, others are enrolling into programs to learn new marketable skills.
To read more on this article, visit A U.S. Recovery Built on Low-Paying Jobs.
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