Strong second-quarter earnings from McDonald’s, General Electric and Caterpillar on Friday are just the latest proof that booming profits have allowed Corporate America to leave the Great Recession far behind.
But millions of ordinary Americans are stranded in a labor market that looks like it’s still in recession. Unemployment is stuck at 9.2 percent, two years into what economists call a recovery. Job growth has been slow and wages stagnant.
â€œI’ve never seen labor markets this weak in 35 years of research,â€ says Andrew Sum, director of the Center for Labor Market Studies at Northeastern University. Read more.