WASHINGTON, DC—There has been much satisfaction in the steady increase in the US employment rate. In July the US economy added 209,000 jobs, continuing a trend that has been building for many months.
This is not to say there is no reason for concern; long-term unemployment remains a seemingly intractable problem and underemployment seems to be particularly high in a number of states. The national underemployment average is 13.4% but in such states as Nevada and California it is 17.4% and 16.7%, respectively, according to an analysis by 24/7 Wall Street.
A new report by the United States Conference of Mayors now points out another weakness in the job creation story: the jobs that have come back are paying 23% less than the ones lost in the recession.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
