The conventional wisdom is that many of world’s most advanced economies are stuck in a rut. This includes many European economies that are barely expanding, Japan’s near recession economy, and America’s two percent expansion. But as pointed out by writer Adam Creighton, one could embrace a different view of the data – one that suggests that by some measures, the job market in wealthy nations is faring better than at any time since the nineteen seventies.
For instance, the average unemployment rate across the U.S., Japan, Germany and the United Kingdom, the world’s four largest developed economies, has fallen to four point three percent from a high of seven point seven percent in two thousand and nine.
This represents the lowest level since nineteen ninety one. According to the Organization for Economic Cooperation and Development, wages aren’t nearly as stagnant as many think. While nominal wage growth is still one percentage point below its pre-crisis level, this is nearly offset by a zero point nine percent decline in consumer price inflation.
In the U.S., wages are up two point six percent over the past year, the fastest pace since two thousand and nine. The most recent data indicate that America continues to add jobs at a respectable pace.
