And, indeed, perhaps as a consequence, wage gains have accelerated some. But increases in the Employment Cost Index still trail behind what previous relationships to tight labor markets would have suggested, and a lingering sense of fear or uncertainty seems still to pervade the job market, though to a somewhat lesser extent. Consumer surveys do indicate greater optimism about the economy.
However, it is one thing to believe that the economy, indeed the job market, will do well overall, but quite another to feel secure about one’s individual situation, given the accelerated pace of corporate restructuring and the heightened fear of skill obsolescence that has apparently characterized this expansion.