I had heard of this once, but never checked. See the chart above from the Fed.
Now this chart clarifies the discontent and anger of American middle-class. There are not enough work hours to assign to able-bodied employees.
The first peak in 2000 was not exceeded until after 2 recessions/recoveries in 2014, the previous long term stagnation was from 1953-61, much shorter time despite 3 recessions/recoveries.
This article is really good:
Since Retail apocalypse is now in full force, this video confirms the destructive effects of the internet in the large scale elimination jobs, as in the one example of Blockbuster Video and the 84,000 decent jobs that it once maintained. Now we have the department stores like Sears, and countless mall based specialty stores closing. Sad.
From Ed yardeni:
Personal income has also peaked around 2000 at 58% of GDP. now at 53%. so 5% of GDP was replaced by machines/software/process-efficiencies.
What’s really puzzling is why 1968 was the previous peak in personal income, followed by 32 years of stagnation. We can see why the 1960’s were the good old years.
Total households as % of working pop. in decline since 1998, but recently stabilized:
As more young people move to large cities, they are not forming households and having families, as their incomes become precarious and hours worked stagnate or decline.