I ran out of words to describe how bad the recovery numbers are
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Back in June, Neil Irwin wrote that he couldn’t find enough synonyms for “good” to adequately describe the jobs numbers.
I have the opposite problem. I’ve tried every word I could come up with—including “lopsided,” “highly skewed,” and “grotesquely unequal“—to describe how “bad” this recovery has been, especially for workers.
Maybe readers can come up with their own adjectives to illustrate the plight of Americans workers since the Second Great Depression began—something that captures the precipitous decline in the labor share during the past decade (from 103.3 in the first quarter of 2008 to 97.1 in the first quarter of 2018, with 2009 equal to 100).*
But perhaps there’s a different approach. Just run the numbers and report the results. That’s what the Directorate for Employment, Labour, and Social Affairs seem to have done in compiling the latest OECD Employment Outlook 2018. Here’s their summary:
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