So what people saw in the first quarter, with the overall economy nearly stagnating, is that their slice of the pie got smaller by 0.3% compared to the fourth quarter. That’s on an average basis.
What happens when you start looking at economic statitistics on a per capita basis? They look even worse than the usually reported aggregate numbers. From Wolf Richter at wolfstreet.com:
The meme that 14 million jobs have been created since the Great Recession is constantly held up as proof that the labor market has healed, or has practically healed, even if there are a few soft spots left over – such as the pandemic lousiness of the jobs that have been created.
In official circles, the sound of folks patting themselves on the back is deafening. But for many working-age Americans, who have to compete with each other in the labor market, reality is tough.
Turns out, the US population, currently at 323.2 million, has grown by 16.5 million people since the Great Recession. Which is exactly why the unemployment problem has become so intractable: job growth has been less than…
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