Who is Benefiting from the Boom?

This is a very relevant issue for economic development

The productivity boom has made asset owners rich -- and left many wage-earners behind. For the past three years, the U.S. has enjoyed an almost unprecedented boom in productivity. Yet these gains have been distributed unevenly. Household net worth has reached an all-time high, surpassing even the bubble-influenced peak of early 2000. That has mainly benefited the top half of families, who own virtually all of the country's assets such as stocks, bonds, and homes.

Meanwhile, high unemployment and glacial job growth have left many workers, especially at the bottom end, suffering. The share of the economic pie going to wages and salaries has plummeted to just over 50%, its lowest level in at least the past 50 years, and perhaps longer.

The good news is that, with the reappearance of job growth, the recovery seems to be moving into a new phase. The latest employment report, released on Apr. 2 by the Bureau of Labor Statistics, showed a 308,000 increase in jobs in March. The gains were broad-based: Retailers and restaurants staffed up on low-wage positions, while on the high end, consulting and securities firms put out the help wanted sign.

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