More JobsBut at What Cost?

Coupled with rising pay and flat productivity, the five-year low in unemployment raises concerns about interest rates, corporate profits, and inflation

Three years ago, people were justifiably complaining about a jobless or even "job-loss" recovery. The expansion of payrolls after the 2001 recession was agonizingly slow. The problem was that although output was expanding, workers were getting much more productive. Because each worker was doing more, the workforce didn't need to grow. Eventually, of course, job growth perked up.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.