The unemployment rate falls to 17-year low but, hourly wages still not rising as fast as the GOP promised when cutting taxes for the Corporate Overlords. While the economy generated 164,000 jobs in April, it still fell short of the 188,000 forecasted jobs. According to Market Watch, the decline in the unemployment rate was due to a shrinking labor force rather than an increase in the number of people who found work. Wages for American workers still aren’t rising rapidly. After almost nine years of economic expansion (Thank you, Obama), one of the biggest problems companies face is finding skilled workers to fill millions of job openings. Businesses are having to value new employees rather than treating them as disposable, sometimes even resorting to the old-fashioned way of hiring people and training them themselves (!). Some businesses are replacing employees with automation and others are just luring employees from other firms with more lucrative pay and benefits. The vast majority of American workers still aren’t reaping big rewards from the tightest labor market in almost two decades. This situation can’t continue forever and companies will either have to pay workers more or increase investment to boost production.
For more: Market Watch