09/08/13
But beneath such positive numbers lay evidence of a job market stuck in second gear. The government revised down its estimate for June and July hiring by a combined 74,000 jobs, and a disproportionate share of the jobs that are being added are in low-paying sectors such as restaurants and retail. At the recent pace of hiring, the economy won't get back to prerecession levels of employment, adjusting for population growth, for more than eight years.
Solid Hiring Comes in Lower-Paying Sectors; Participation Rate at Lowest Level Since 1978
The long, slow recovery in the U.S. job market is leaving ever-more Americans on the sidelines—and complicating the calculus for Federal Reserve policy makers weighing when the economy can get by with less help.
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