The American labour market has been dead for eight years

No surprise here. Actually you can tell that the labor market is dead by how the people working in it treat the people looking for work. Job seekers have to deal with being treated like garbage even when applying for the most senior and positions where there is a “shortage” of talent. Would companies really behave like this in an active employment market?

Law of Markets

I am periodically sent junk mail by an old high school friend who now lives in California. His latest is an article on Still the economy, stupid? about how household incomes have just shot up, proving how great the American economy is going. So I went and did some minor investigation on non-farm seasonally adjusted employment, and the data may be found below. Start in 2008 which was the annual peak in 2008 as the GFC hit, and compare it with the level in 2016. Eight years later, in 2016, employment levels are 4.9% higher than they were then.

Let’s do another. The data are seasonally adjusted so we can compare different months in different years. The high point in employment occurs in the month of January 2008. Employment continues to fall until March 2010 when it begins to pick up again. The growth in non-farm employee numbers between the…

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