Regarding today's blow-out wage growth report
Submitted by gjohnsit on Fri, 11/04/2016 - 12:57pm
Everything is coming up roses for America's workers.
Average hourly earnings of workers climbed 2.8 percent in October from a year earlier, the fastest pace in seven years, Labor Department figures showed Friday in Washington...
“We’re gaining traction on wages,” said Drew Matus, deputy U.S. chief economist at UBS Securities LLC in New York. “It is a solid report that suggests slack has eroded to a point where the Fed has to seriously consider how far they want to let wages accelerate.”
Without a doubt, some people's wages are indeed rising.
Just not everyone.
For the 82% of workers, this is what the workplace looks like.
For the last couple years, the blow-out jobs reports have had a serious flaw.
Comments
Smoke and mirrors.
Gotta love the spin!
"The “jumpers” reminded us that one day we will all face only one choice and that is how we will die, not how we will live." Chris Hedges on 9/11
Especially with the acid
Especially with the acid rubbed into the wound and the sheer peculiarity of this part quoted in the OP:
...
'... the Fed has to seriously consider how far they want to let wages accelerate ...'?????!!!!!
The FED is going to step in to prevent starvation wages from going up? Or this is going to be the excuse for the TPP (possibly unmentioned as being the mechanism involved) to 'force' 'government' into dropping all minimum wage laws and/or Americans competing with Malaysia and other places (which was permitted and created precedent within the TPP by Obama 'allowing' countries using slave-labour to be bribed, bullied or blackmailed into it) accepting the terms by going back to 'legal' slavery, only this time on an equal basis for all non-billionaire poors, regardless of colour?
Because we all know that this will be a priority among many against the public interest for the Greeds then controlling law via 'legalized' extortion under these 'trade deals'.
Psychopathy is not a political position, whether labeled 'conservatism', 'centrism' or 'left'.
A tin labeled 'coffee' may be a can of worms or pathology identified by a lack of empathy/willingness to harm others to achieve personal desires.
Quick- pass TPP and get this under control.
"Religion is what keeps the poor from murdering the rich."--Napoleon
TPP in Japan:
I'm in Japan and it appears to have been approved by some body amidst quite physical and heated opposition. One member of the body stormed though a crowd with another guy doing his best to stop the raging bull to no avail. The guy announcing the passing seemed pleased in fatcat fashion(though he was not fat, but I think that's not germane to the term). *Disclaimer: my Japanese isnt good enough to understand the details of the report I saw. The report was in a mainstream outlet. Any J-C99ers that can explain in more detail what happened and who's who in that footage?
So you come home from your first job,
you change into your outfit for your second job, then you arrive at work only to find the ass-kisser from the first job is out celebrating his new promotion over you along with a raise. You get to serve him drinks.
Indeed, roses it is:
[video:https://youtu.be/s62MrU8mHx4]
Was that supposed to be entertainment?
Or a test of a new military jamming system...
" In the beginning, the universe was created. This has made a lot of people very angry, and is generally considered to have been a bad move. -- Douglas Adams, The Hitch Hiker's Guide to the Galaxy "
It does come from the same era as the Cuban Missile Crisis.
If you like, I can post a video of Kate Smith doing one of our many National Anthems.
Guaranteed to make you stand up and salute!
Kneel, boy!
I am too weary to laugh. O Canada, my home and native land. Last sentence is false. True patriot love of all thy sons command. I think they are word-changing that one. Sexist, ya know.
Hey! my dear friends or soon-to-be's, JtC could use the donations to keep this site functioning for those of us who can still see the life preserver or flotsam in the water.
Do you have one of her
Do you have one of her singing the JJ Abrams reboot of the National Anthem?
You keep using that word...
Good news for overlords
Bad news for serfs.
Beware the bullshit factories.
yay. Now I can sleep at night!
"I can't understand why people are frightened of new ideas. I'm frightened of the old ones."
John Cage
Looks like more the same distortions made about 2-3 months ago
Obama was gloating back in the summer, and then figures were revised which showed a different wage growth story. See:
http://www.zerohedge.com/news/2016-08-10/inconvenient-jobs-revisions-obama
Thanks, as always, for keeping it real
I lived in DC a long time. Knew a mid-level government statistics guy. One day we were sitting around, and my spouse mentioned manipulation of BLS and other stats and manipulation of the stock market. The stats guy had a conniption. Immediate denial; the very idea upended his world.
A couple of years later, he reopened the subject and, rather sheepishly, said he'd chewed on that allegation and done his own research, and it was true. (Props to him for following up instead of just pushing away a disquieting notion.) Government data are manipulated, the market is manipulated.
We were relieved to hear from him. Had felt some regret about bursting his bubble, but we hadn't known his views at the time and come from the "I'd rather know" school ourselves. So again, thanks for helping the rest of us cut through the BS.
"It is no measure of health to be well adjusted to a profoundly sick society." --Jiddu Krishnamurti
The last graph gives me hope
It's been my life long dream to be a waiter/bartender so I can spend countess hours on my feet taking verbal abuse from total strangers for low pay and lousy tips. The rest of the country along with myself should be back on our feet in no time.
I'm great at multi-tasking. I can waste time, be unproductive, and procrastinate all at the same time.
What are we to make of the fact that 94 million are not in
the labor force? The number is 14 million higher than when Obama took office. 10 million left the labor force when W Bush was president.
These are people of working age who are not employed and not counted as looking for work.
Less than 63% of adults are employed.
I am asking because I don't know. I do know these people are not in institutions and are not retired.
"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"
Yes, but
Yes, but we all eventually die, and our drag on the economy will be gone.
... on the streets, a lot of them --
and miss ONE paycheck, and a lot of the rest of us will be rubbing elbows with the street guys/gals.
Kind of gives one a different perspective (I myself have become mre humble, over the years) --
When Cicero had finished speaking, the people said “How well he spoke”.
When Demosthenes had finished speaking, the people said “Let us march”.
Most/all govt economics-type reports
Get updated twice.
The cynic in me wouldn't be at all surprised to find out after the election that they cooked the books for this report. After all, it's minor compared to what the DOJ has done.
I think one recalculation is unavoidable since one set of stats
is collected by the Census Bureau and the other by the Dept of Labor. The household survey and the establishment survey are both important to take and need to be reconciled at a later date.
There are problems with seasonal adjustments without questionable activities just as there are with the birth/death estimations.
But I do agree with you that some cooking can be done.
The administration in power has the ability to hold off spending appropriated money until the key time to make the economy look better than it is. That's the main reason for the economic slowdowns which often occur after a presidential election.
"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"
"economic slowdowns" heh
We can all see the next cliff. I am poised not to go off. No $$ in the market, and my placemarker in Canada is being sold. Close next month. My credit union will be pleased.
Hey! my dear friends or soon-to-be's, JtC could use the donations to keep this site functioning for those of us who can still see the life preserver or flotsam in the water.
Damn you are the best
Gjohnsit, thank you for this data and analysis. After seeing the false reports this morning I knew that you would provide real assessment of the report. Thank you and a tip of my hat to you. Please keep up the great work.
Vertical axes are not the same
Non supervisory wage growth is 2.5% which is lower than supervisory, but it also has less variability.
We can’t save the world by playing by the rules, because the rules have to be changed.
- Greta Thunberg
Rather understandable that people have
less and less faith in the government. Trust in govt according to Gallup Gallups figures are from Sept. 2016 and Gallup itself probably isn't trusted that much any more. They had on 19 percent had trust in the govt almost all the time but 81 percent almost all the time or NEVER!
glitterscale