Source: Center for Economic and Policy Research
The number of good jobs -jobs that pay at least $17 an hour, and provide health insurance and a pension — declined by 3.5 million between 2000 and 2006, according to a new report by the Washington, DC-based Center for Economic and Policy Research.
The report, “The Good, The Bad, and the Ugly: Job Quality in the United States over the Three Most Recent Business Cycles,” (PDF; 274 KB) found that the economy has created fewer good jobs in the 2000s than was the case over comparable periods in the 1980s and 1990s.
The research defined a good job as one that pays $17 an hour, or $34,000 annually, has employer-provided health care and offers a pension. The $17 per hour figure is equal to the inflation-adjusted earnings of the typical male worker in 1979, the first year of data analyzed in the report.
Using this definition, the share of good jobs fell 2.6 percentage points, or about 3.5 million jobs, between 2000 and 2006. This decline was much sharper than what the economy experienced over comparable periods in the two preceding business cycles. Between 1979 and 1985, for example, the share of good jobs fell 0.5 percentage points. Between 1989 and 1995, the drop was just 0.l percentage points.
Source: Corporation for Enterprise Development, 2007
From the summary:
The 2007-2008 Assets and Opportunity Scorecard contains evidence that even profound and enduring ownership patterns can change and change fast. In the two years since the release of the 2005 Scorecard, median net worth jumped 20% nationwide, while it jumped 68% for women and more than doubled for minorities. Most of these gains have come as a result of increasing homeownership and home values, and are therefore at risk that as interest rates rise and grace periods end, foreclosure rates will also rise. The results underscore the efficacy of housing finance and credit innovation and the need for policing and reigning-in predatory lending.
Yet, the most important message of the 2007-2008 Scorecard, like its two predecessors, is the disparity in asset ownership – and, consequently, economic opportunity–among states, and by race, gender and income.
• Guide to the Scorecard
Source: Pew Research Center for the People & the Press, October 11, 2007
From the summary:
Public assessments of the nation’s economy have fallen to a two-year low, and the nation’s economic outlook remains relatively gloomy. In particular, faced with a steady stream of negative news about the U.S. housing market, Americans are substantially less inclined than they were even a few months ago to say they expect home prices to increase over the next few years. People living in areas with the most expensive homes and middle-income Americans are particularly likely to say that future home prices will decline.