The U.S. economy is finally growing. So far, low-wage jobs lead the way
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In every economic cycle, there’s a turning point, and for the U.S., it looks as though that will come in 2014. For the past five years, we’ve struggled through crisis and recession and a wimpy 2% recovery. That was technically good news but didn’t feel much like it, given that unemployment remained at record highs and wage growth was flat. Will that change this year? Yes–and no.
Unemployment figures are creeping down, reaching their lowest rates since 2009. Third-quarter 2013 GDP figures were revised up to a whopping 4.1%, which means job growth will likely continue. But the jobs being created aren’t like those we’ve lost.