I appeared on CNBC's Power Lunch with Tyler Mathisen and Deirdre Bosa on Friday, April 5 to discuss the great news for workers contained in the Bureau of Labor Statistics's March jobs and unemployment report. BLS reported that the U.S. economy created 303,000 more jobs and wages rose 0.3% from the previous month and 4.1% over the course of the year.
Individual worker power remains strong in the U.S. economy. There are more job openings than unemployed workers. There are more workers voluntarily quitting their jobs each month than being laid off or fired. The unemployment rate has been at or below 4% for 27 months. That's the longest period of low unemployment at that level in two generations --- since the mid-1960s. Inflation has fallen to only slightly above the Federal Reserve's target rate of 2%, so prices are rising in a slow and controlled way. In fact workers' wages continue to rise much faster than inflation, which means workers have more money to spend to support their families. Those and other data points tell us were are living in a strong, stable, and healthy economy.
The big question that remains is whether workers will be able to solidify and build on these gains in the face of the endless corporate push for larger and larger profits, even though profits are already at record levels. The only way to counter corporate power is growing worker power: more organizing, a willingness to use collective actions strategically, and success at the bargaining table. Government certainly can help by creating the right economic conditions, advocating for good union jobs, and administering labor and employment laws in ways that support organizing. But government don't organize workers. Workers organize themselves with help from unions. It's always worth reminding ourselves that good economic news will only continue if workers have the power to make it so.
Here's video of my appearance on CNBC. Use the comments section below to let me know what you think about my analysis of the economy:
