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The president celebrates it as a success: unemployment in the US is at its lowest level for 18 years. But at what price?

Labour market: The fairy tale of full employment

The president celebrates it as a success: unemployment in the US is at its lowest level for 18 years. But at what price?

Labour market: The fairy tale of full employment
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  • Page 1 — fairy tale of full employment
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    "I'm looking forward to employment figures this morning," twittered Donald Trump last Friday – well 90 minutes before y were made public. That with his premature message he once again broke a taboo and markets reacted promptly – beside main. Because numbers spoke for mselves: for first time in 18 years, US unemployment rate has been below four percent. Even orwise president-critical New York Times lacked words in face of such good news, Ätzten colleagues from Trump-close broadcaster Fox News.

    The fact that it goes up on American labour market under Donald Trump also fits some of history of economy. Companies in industries such as construction, energy, transport or health are currently paying surcharges for contract signing in order to attract new workers, according to insiders. The Union Pacific Railway Company is supposed to offer up to 20,000 dollars because company is supposedly struggling to occupy even simple jobs for which it does not need more than one school leaving. Compared to time online, company did not want to comment on this message.

    It was only last week that Walmart, after all, was largest private employer in country. The retail group is regarded by many as an indicator of state of economy as a whole. Walmart announced that it would finance its 1.4 million employees on request for college education – without having to continue working at Walmart after graduation. The group is not only trying to improve its own image, but is primarily responding to a large competitive situation in terms of a good workforce. For Walmart, move is an attempt to tie employees to mselves in times of increased demand for skilled workers.

    But many economists are sceptical as to wher labour market is actually as healthy as headlines suggest. "The unemployment rate has fallen, but for wrong reasons," says Diane Swonk, chief economist at consulting firm Grant Thornton. The unemployment rate was mainly reduced because working population shrank in same period and employment rate decreased furr. At present, percentage of working-age Americans who take part in labour force or seek a job is at 62.8 percent – declining, despite upswing. "An unemployment rate that is lower because working population is shrinking is not a sign of a healthy economy," wrote Sri-Kumar global strategies consulting firm in a report to customers. The argument that United States is approaching full employment simply does not agree.

    Weak wage development

    Optimists – including responsible cabinet members of President – defend figures. The shrinking employment rate can simply be explained by fact that society is getting older and Americans of baby boomers generation are currently retiring and leaving labour market. But critics are too short. Even with 25-to 54-year-olds who are far away from retirement, quota is still significantly below 83.2 percent of December 2007, beginning of recession, at 82 percent. Some of young people are sick or addicted to drugs, ors have simply given up looking for a job.

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