Working Americans are doing better – somewhat better – on this Labor Day than they were last year, but, of course, it all depends on an individual’s skills, education and location.
Those employed at the largest companies, particularly in the fields of finance, online retail and communication, which are doing well and where good benefits exist, are on more solid footing than most.
Unemployment is down to what is considered the lowest possible level, and wages are finally moving up slightly after being static for almost a decade. Would some of those employed like full-time work, or positions that more closely match what they want to do and that offer more opportunity for advancement? Certainly, but complete matches have always been difficult. Some will either have a long commute, or will have to move to different parts of their state, or the country, to find what they want in terms of work and pay.
The good news is that consumer spending has continued at its regular rate, and that the nation in the most recent quarter had a 3 percent economic growth rate. How long that will continue is uncertain, but it beats the 2.5 percent or so rate which occurred in numerous previous quarters.
The value of specialized education in gaining employment, and advancement, is newly appreciated, and community colleges are responding. More certificate programs are coming.
Three significant challenges to productive workplaces and the nation’s economy remain.
One is the uncertainty that surrounds health insurance coverage, which those employed at small businesses may not have. Insurance companies have dropped out of the state and federal exchanges, making coverage options few or nonexistent, and premiums and copays have climbed. Politics makes it uncertain to what degree the federal government will continue, and add to, what is needed to subsidize coverage. No employee is fully focused on the job when there are doubts about his or her family’s health care coverage.
Second, in most cities, the minimum wage will not cover housing costs, and until wages reach a mid-point of sorts, close-in housing requires more of a paycheck than it should. Where public transportation exists, employees may spend a couple of hours commuting to work. And, of course, where economies are strongest and thus better paying jobs are available, we find the cities where housing costs are highest. City planners are increasing housing densities in imaginative ways, but affordable workforce housing looks to be an endless challenge.
Third are the threats to immigration, which accompanied the current president into office, and are cutting into the nation’s economic productivity. Reducing the number of highly skilled immigrants in half in an attempt to favor certain citizens has the CEOs of large tech companies shaking their heads in amazement; there are jobs for both groups. There also are numerous stories of small towns which had been failing and with an immigrant population have come back to life.
Solutions to some of our present labor challenges are not easy to find, but the history of job creation combined with access to education has made the United States a world economic leader.
Enjoy the holiday.
