Although the economy is still improving at a glacial pace, as evidenced by this month's slowing job growth, companies and CEOs have returned to their pre-recession heights, with a stock market at a four-year high to match. In 2007, S&P 500 companies created an average of $378,000 in revenue for every employee. Last year, that number was $420,000. Top executives are doing okay too—the median income of the top 100 CEOs is $14.4 million. Leading the pack is Apple's Timothy Cook, who makes an astounding $12 per second. The average annual American salary is $45,230.
These company riches haven't translated into substantial job growth yet, partly because companies are still "very, very cautious" about hiring as we emerge from the recession, and partly because when they do hire, it is not always domestically. Until companies have the confidence to spend on hiring, job numbers aren't likely to rival corporate profits in the near future.
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Chart of the Day
Even though jobs numbers are sluggish, federal dollars for jobs programs are on the decline. The federal training program for dislocated workers has 18 percent less cash than in 2006. “We should be spending significantly more than we were spending five years ago,” said Andy Van Kleunen, National Skills Coalition's executive director. “And even then we would not be catching up to the demand.”
Reason to Get Out of Bed in the Morning
An Obama administration grant program for renewable energy supported an average of 52,000 to 75,000 jobs over the three years it was in effect. The projects created by this program have the added boon of increasing the amount of energy created by wind and solar technology in the United States.