What We're Reading

Back in the 1990's, we as Managers were trained in racial diversity and businesses began their slow and gradual integration for the Hispanic community (Spanish calls center workers, select "5" for Spanish on automated phone services, packaging with alternate language, etc.). The CBO had already made the predictions of the shift in U.S. ethnicity and companies had to prepare. Fast forward 10 or 25 years from now now and just what will be the face of the consumer ahead?  What about job growth, income growth and how many older Americans will fall off of the economic spending gap?

Five years since the end of the Great Recession, the economy has finally regained the nine million jobs it lost. But not all industries recovered equally.  This awesome interactive from the NYTimes demonstrates what's moving and what is not along with over 200 charts drilling it down in simple terms.  Tell your high school and college attendees.  Are they in these growth areas?   Click chart to make the jump to the interactive.

Digging deeper into today's better-than-expected non-farm payroll, one sees (again) that low-wage job creation comprises the majority of the gains.  Once again it seems the middle class is being left out leaving only the lower and upper class job creation.  When comparing "this" recovery to those of the past, I would believe one would have to locate one where the largest population is left out of the recovery.  Can the "rich" alone sustain expansion and growth?  Obviously these low wage workers will not be moving out of their parents home any time soon.  Certainly higher education would assist in their move up the ladder however what does that bode for the already explosive rate of education loans (and those in default).  The Fed has become one large hedge fund, propping up the market.  Is that sustainable? 

I've said it before and I'll say it again.  If you want growth, the minimum wage must increase. Cities which have done so have NOT seen the devastating drop in new business or job