, Columnist
If the Economy Is So Bad, Why Is the Labor Market So Good?
A crisis in worker morale could help explain some of the apparent paradoxes in the data.
Sign of the times.
Photographer: Spencer Platt/Getty Images North AmericaThe paradox that currently defines the US and global economies goes something like this: If business is mediocre, why do firms keep hiring more workers? And if US workers are doing less, why do bosses want more of them?
There seems to be some serious tension in the data. Measured growth is poor, yet the labor market continues to boom. There is also productivity crisis, at least according to the usual measurements, with year-to-year productivity growth negative for five consecutive quarters.