Live

Watch CBSN Live

Employment rates gap biggest on record

WASHINGTON The gap in employment rates between America's highest and lowest-income families has stretched to its widest levels since officials began tracking the data a decade ago.

That's according to an analysis of government data conducted for The Associated Press.

The analysis shows that U.S. households with income of more than $150,000 a year have an unemployment rate of 3.2 percent, a level traditionally defined as full employment.

At the same time, middle-income workers are increasingly pushed into lower-wage jobs. Many of them in turn are displacing lower-skilled, low-income workers, who become unemployed or are forced to work fewer hours.

Rates of unemployment for the lowest-income families have topped 21 percent.

Harvard economist Richard Freeman says the findings show that people at the bottom will continue to be financially squeezed.

View CBS News In
CBS News App Open
Chrome Safari Continue