WASHINGTON (AP) — The U.S. unemployment rate has plunged since the start of last year to a five-year low of 6.1 percent. Hunter earned $14 an hour cleaning oil drums before the Great Recession seized the economy and his job was axed. At 53, Hunter now works three days a week for $9.25 an hour, mopping floors and fixing fryers at two McDonald's restaurants in Chicago. Most people are still earning less, adjusted for inflation, than before the recession struck at the end of 2007. A review by Wells Fargo found that after-tax income fell for the bottom 20 percent of earners and barely rose for the next-highest 20 percent during the recovery. Employers want to cut costs and payrolls by limiting their workers to fewer than 35 hours a week. [...] the trend might also reflect a lasting shift among restaurants and coffee shops, said John Silvia, chief economist at Wells Fargo. Minnesota's Twin Cities aren't expected to fully recover until 2028, more than two decades after the housing bust struck. The consumer confidence reading for existing conditions was negative 14 despite progress in hiring, auto sales and home buying. The CEO of The Container Store has said the chain's sales and profits have suffered because consumers are in "a retail funk." The Conference Board's consumer confidence index was 85.2 in June.
As Us Job Market Strengthens, Many Don't Feel It
By JOSH BOAK and CHRISTOPHER S. RUGABER, AP Economics Writers, Seattle Post-Intelligencer: Business
Thu, 07/31/2014 - 6:45am
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