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Is the U.S. economy really a tale of two job markets?

by Sabri Ben-Achour and Alex Schroeder

Jun 9, 2023

The "dual labor market" theory paints a picture of two very different job markets in terms of stability, pay, and mobility.

The unemployment rate is at a half-century low, yet many workers are unable to escape poorly paid, precarious jobs. One reason could be that the U.S. job market has evolved into two distinct labor markets—a dual labor market--and workers in each section experience very different economies.

Joe Raedle/Getty Images

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