A Gallup poll from July found that Americans are less worried about unemployment and jobs issues in the U.S. than in previous months, although 14 percent still said they think it is the most important problem facing the country.
Despite these concerns, Michael Feroli, J.P. Morgan's chief U.S. economist, said he sees a promising employment picture. Jobs growth "seems to be doing as well as one could hope," he said.
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Some worry, however, that strong jobs numbers—U.S. companies gained 288,000 nonfarm payrolls as the unemployment rate dropped to 6.1 percent in June—are masking less rosy economic trends. Not only are marginally attached workers still a significant part of the "regular" employment figure, but many Americans have become discouraged and disappeared from the workforce altogether.
"I am concerned about the labor market," Wells Fargo senior economist Mark Vitner said in an email to CNBC. "We have so many people working part-time today that would like to find more meaningful work."
But as employment figures continue positive trends, wages have remained stagnant, and this is "the missing link in this whole economic recovery," Naroff said.
While jobs growth is usually expected to lag behind economic growth, workers' wages will trail positive employment trends, Naroff said. But as the economy begins to reach full employment (a point he estimates to be about nine months in the future), employers will be forced to increase pay to attract the best workers.
Wages should begin to rise in the next six months, Naroff projected. Feroli agreed, saying "we may be close to a turning point."
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If this turning point comes, the Obama administration may see some alleviation of one of its major economic concerns: income inequality causing weak economic growth. As companies are forced to increase compensation, Naroff said, middle- and lower-class workers should begin to drive consumption growth.
Consumption remains a major worry for corporate America. In an earnings call Tuesday, McDonald's president Don Thompson said he has seen a bifurcation in spending habits wherein those making less than $45,000 annually are "a little bit tighter" with their discretionary spending than their higher-earning peers.