While economists are expressing great enthusiasm for the January employment report — during the past three months job growth registered its fastest rate in 17 years — things don't look quite so great for many people who seek a good job.
"America currently has 5 million vacancies waiting to be filled," writes
Mike Cassidy of The Fiscal Times. "So where are these 5 million jobs hiding? And, more to the point, why haven't you heard more about this bounty of opportunities?"
What we have is a "disconnect — persistent unemployment and underemployment despite lots of vacancies," he says.
It's largely a matter of the field in which you're searching for a job. "Goods-producing construction and manufacturing sectors are the worst places to be looking for work," Cassidy states.
"By contrast, high-skill, white-collar sectors are doing quite well. In finance, there's enough job openings for every job candidate."
The difference is reflected in wages too. "Once again, the winners are high-skill sectors, such as information and finance," Cassidy explains.
"By now, it's a familiar refrain. America is becoming a more unequal place. But while we often talk about inequality in outcomes, like income or wealth, data on job openings make plain that inequality of opportunities is also a large part of the story," he notes.
"The well-educated and the technologically adept have an abundance of options, while those with less pristine pedigrees are relegated to uninspiring, unrewarding work that pays little and cares less."
As for the enthusiasts, "these are pretty amazing numbers," Nariman Behravesh, chief economist at HIS, tells
Bloomberg, referring to the January jobs report. "The January number is strong, but then you've got sizzling November and December numbers too. And then you've got the wage gains."
Non-farm payrolls rose 257,000 in January, 329,000 in December and 423,000 in November, the highest monthly number since May 2010.
Meanwhile, average hourly earnings soared 0.5 percent last month, the most since November 2008. And wages climbed 2.2 percent in the 12 months through January, the biggest gain since August.
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