Commentary: A Profile of the American Workforce
Thursday, August 31, 2006LINDA O'BRYON: Well, with Labor Day just around the corner, tonight`s commentator takes a look at the American labor force. Here`s Robert Morison, co-author of "Workforce Crisis."
ROBERT MORISON, CO-AUTHOR, WORKFORCE CRISIS: The summer, alas, winds down and Labor Day is upon us, a fitting time to take a snapshot of the American workforce. The latest official unemployment rate is 4.8 percent or 7.2 million workers, about average for the past decade. This official rate doesn`t include another 1.5 million classified as discouraged or marginally attached. The unemployment rate among hurricane Katrina evacuees unable to return to their homes is 24 percent.
Both inflation-adjusted wages and median household income remain flat and productivity and profits continues to rise faster than wages. Twenty five percent of workers expect to keep working in retirement, not because they love the work, but because they`ve saved too little and need the money. Average total hours worked by non-managers has declined slightly in recent years. However, 20 percent of full-time employees report working more than 50 hours a week and we continue to put in five more weeks per year than our European brethren do.
Overall job satisfaction is down among American workers, especially those between the ages of 35 and 54. They give executive management low marks. Fewer than half say their workplaces are congenial and fun. They are anxious about job security, health care coverage and pension prospects. The bottom line? Most Americans are relatively well-employed, but not necessarily well compensated. We work a lot, but many are enjoying it less. If you get Labor Day off, enjoy the holiday. Odds are, you`ve earned it. I`m Robert Morison.
