The labor market may not feel robust to everyone due to several factors. One primary reason is the shift from stable, full-time employment to more precarious, temporary, and part-time work. This shift is largely due to the increase in the use of contingent labor by companies aiming to cut costs and manage risk. Another reason is the stagnant wage rates, which have not kept up with productivity and inflation. Wage inequality has also widened, with top earners taking a larger share of the national income. Finally, many workers still face underemployment, struggling to find full-time work or jobs that match their skills and qualifications. All these factors can contribute to the feeling of a weak labor market despite strong job numbers.
