Yes, We're Making Less Money and Have Fewer Job Choices
NEW YORK (TheStreet) -- One troubling consumer financial trend coming out of the economy is the size of worker paychecks: They aren't getting any healthier as the economy improves.
The data are fairly clear on this point.
According to the Economic Policy Institute, from 2011 to last year the U.S. median household income rose incrementally, to $57,353 from $56,802.
"This increase barely began to offset the losses incurred during the recession," the EPI says. "Incomes are substantially lower than they were before the recession began. From 2009-12, only households in the top 5% of the income distributions saw gains."The report, penned by EPI President Lawrence Mishel and economists Elise Gould and Heidi Shierholz, shows a "weak labor market" has generally kept wages low, especially for lower-income and middle-class workers. Another study from the Florida State College of Business shows that 40% of U.S. workers are still feeling the bank-account-draining effect of the Great Recession. The study cites the term "recession-related stress" and says workers largely remain dissatisfied and frustrated about their jobs. Study data point to "frustration with work, feelings of isolation, pessimism about the future of their companies, career disappointment, job anxiety and burnout and perceptions that co-workers are overly political and self-serving." economy is showing signs of a recovery, that really hasn't translated into fatter paychecks for the Great American Worker.
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