U.S. economic performance has been marked by a number of striking contradictions
over the past year—none more prominent than the strength of consumer confidence
and spending in the face of large numbers of reported layoffs at major U.S. corporations. This contradiction is mirrored by reports from The Conference Board member companies of substantial internal pressure for higher wages, even though the job market has eased and corporate earnings are weak. What gives? A look at the changing demographic and occupational mix of the U.S. workforce offers some possible answers.