The US job market is in a period of historic growth. It’s the fifth-longest period of employment expansion on record.
However, the lion’s share of the credit during much of that time goes to only a couple of industries: health care, government and (until just recently) leisure and hospitality.
In short, the employment gains haven’t been broad-based. Instead, the overall numbers are reflective of a “rolling recession,” where sectors experience downturns and recoveries at different times.
“This is an unusual state of affairs where the aggregate numbers look pretty strong, but they’re really being boosted by the unusually strong government and health care numbers, which are masking the unusual weakness elsewhere,” said Julia Pollak, chief economist at ZipRecruiter.
“I think it’s the major reason why the aggregate figures look so strong and yet people feel so bad,” she added.
“Most people in this country are not working in health care or a police department and can’t easily switch into those kinds of jobs. … These averages can look quite rosy but mask the very real challenges and struggles of business owners and job seekers.”
