As 2020 came to a brutal end, an unequal K-shaped recovery was interrupted as the pandemic raged on while the government belatedly enacted an incomplete stimulus/relief package.
by Dave Allen
The International Forecaster
Any illusions of a recovery in the labor market have been revealed to be sheer fantasy as the specter of rising payrolls come to a screeching halt.
And the few pieces of data that look promising on the surface for the most vulnerable working Americans are actually deeply troubling upon a deeper dive.
As 2020 came to a brutal end, an unequal K-shaped recovery was interrupted as the pandemic raged on while the government belatedly enacted an incomplete stimulus/relief package.
Average hourly pay that had been slowly but consistently rising since May rose by another 23 cents in December. That looks good in the aggregate; in reality, however, it’s a bad thing.