It's not just about creating jobs, but creating good jobs

THE problem facing the current US labour market is not job quantity. It's job quality. Over this record-length expansion, US employers have created over 20 million private-sector jobs at a pace of 1.7 per cent per year (providing another reminder that the myth of job-killing robots is just that). Historically, that's a healthy rate, and with unemployment at a 50-year low of 3.5 per cent, if all we cared about was the number of jobs, we'd have little to complain about, at least at the aggregate level. (There are, of course, places where job gains have been much less impressive).

But we also care about the quality of jobs, which raises the question: What's a good job? Thankfully, a new Gallup survey provides a uniquely deep-dive into that question. Before we ourselves dive into the details, let's get two top-line observations out of the way. First, wages matter, but they are far from the only thing that matters. Second, even in today's strong job market, a minority of Americans - 40 per cent - report having good jobs.

The study defines good jobs along a variety of dimensions beyond compensation (pay and benefits), including whether pay and hours of work are stable and predictable. Control over hours and scheduling is also important. There are too many workers who can't leave their workplace, even to care for a sick child, without being docked pay or worse. Having a sense of purpose at work, career advancement opportunities and having the power to change things that aren't working for you round off the definition.