Salient to Investors:

The official jobless rate is a misleading indicator of employment. The ‘jobs recovery’ has been led by cheap labor, with job gains going disproportionately to the least educated and lowest-paid workers.

The stagnation in nominal wage growth is consistent with the weakness in the employment/population (E/P) ratio.  The E/P ratio dropped to 3-decade lows in the Great Recession and has reversed only 20% of its decline from pre-recession highs.

Since 2011, the E/P ratio for those with less than a high school diploma has regained almost 66% of its recessionary losses, while the ratio for high school or college graduates has not recovered any of its recessionary losses.

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