The new jobs report is out and, pretty much as expected, a bunch of new jobs (242,000, to be exact) were created in February and the official unemployment rate remained the same (at 4.9 percent). But workers’ wages actually declined.
What’s going on?
What’s going on is a key feature of capitalism: the reserve army of labor.Occasional Links & Commentary
How the reserve army works
David F. Ruccio | Professor of Economics, University of Notre Dame