Many workers are nervous about their livelihoods despite the economic recovery ”” and for good reason, it turns out.
Among those workers who lost a good job because of the struggling economy over the past three years, roughly one in four found a job that pays as well, according to data released Friday by the Labor Department.
The others remained unemployed, stopped looking for work or accepted jobs at lower wages.
“This data is telling a story of unemployment inflicting long-term damage for a lot of people,” said Michael Mandel, an economist at the Progressive Policy Institute, a centrist think tank. “This won’t turn around until wages overall start rising ”” and so far, we haven’t seen any strong signs of that.”