Economic Outlook
Hirers hold all the cards in the job market right now. If you have a job, you are likely to cling to it for dear life even if you're not happy about your salary. And if you're looking for work, and have been for some time, you're more likely to take a job that comes with a smaller paycheck.
"With high employment, there is no pressure for companies to increase wages and that's very much a problem. I think that's going to continue,"
Research director Cam Albright added.
Even if the economy doesn't technically double dip and head back into recession, it still feels as if the last recession never really ended.
Nobody may like to hear this. But no matter what the White House, Congress and regulators do or don't do about taxes, stimulus, the deficit or interest rates, the sad reality is that the only real solution for this economic malaise is time.
"Growth is elusive. We are still dealing with the residual effects of the financial crisis. That will stay with us for awhile,"
Albright said.
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