The road back from the Great Recession has been a long and winding one, that's for sure. Even when some economic indicators have given us hope, other factors (often the ones that matter most to workers) have lagged behind. For example, despite lower unemployment rates, wage growth has been slow. However, now that the first quarter of 2016 is well underway, there are some indications that the job market might truly be improving. Here's what you need to know.
The unemployment rate is down for the country at large, but the recovery has been pretty spotty and these rates vary widely state-to-state. It's important that folks looking for work understand the landscape of the current job market, so that they can make the best decisions for their futures. Recently, WalletHub released their report on 2016's Best and Worst Cities to Find a Job.
We all know that the Great Recession took a huge toll on Americans' finances. There's little debate about that. But, the recovery is proving to be more contentious. For an example, look no further than this morning's disappointing jobs report from the labor department. Let's take a look at what's going on with the U.S. economy and how it relates to your own financial bottom line.
A recent Gallup poll showed that fewer workers are worried about being laid off this year (19 percent, as opposed to 29 percent in 2013). In fact, workers were less worried about job setbacks in general, with fewer respondents citing concerns of cut benefits, hours, and wages. But this doesn't mean that workers are necessarily happy at their jobs.
When the nation's economy close to tanked five years ago, 60-somethings who lost a share of wealth in the downturn panicked, worried they were out of time to recoup. But a recent study shows that Baby Boomers are actually in pretty good shape – they've recovered most of their earnings thanks to some cushion afforded from back in the dot-com era. Gen X and even younger boomers, on the other hand, have had a tough time recuperating from the Great Recession.