The American economy remains weak, with growth at the lowest level in more than three decades. In April and May, 54,000 fewer jobs were created than originally estimated, and the 215,000 jobs added in July didn’t change the picture of a faltering employment market. Wages have been rising at the slowest pace since the 1980s. Current numbers, according to the Financial Times, show a mere 0.2% rise in employment costs, or wages, against the 0.6% that the financial world expected.
It is the nature of recessions that the…
