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The Wageless Recovery: Average Hourly Earnings Suffer First Monthly Decline Since July 2013
The good news in today's jobs report is that at 248K, more jobs than expected were added in September.
And now, the bad news.
Recall that with the unemployment rate having become such a joke even the Fed is openly ignoring it as it has made a laughing joke of its 6.5% threshold "forward guidance", and with the monthly "increase" in jobs irrelevant when one ignores the quality component of the actual jobs gained, the major aspect of the jobs report that the Fed, and pundits, are focusing on is the monthly increase or decrease in average hourly earnings.
What happened in September when the BLS just reported that average hourly earnings for all private industries were $24.53, is that this was only one of 6 months since the failure of Lehman, when there a sequential decline in average hourly earnings, down from $24.54 in August.
And just as bad, while the Sellside consensus was looking for a 2.2% annual increase in wages, the actual number was a mere 2.0%, which means that the trend of declining real wages, profiled most recently here, continues.
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How much does one penny times a few hundred million jobs equal?
A lot of jobs I guess.
AMNESTY NOW!!!
I want to learn to be a better cook......but I just don't have the time for it. You might have to loan me some food to do it with....but we'll worry about that later.
If the Obama Ebola - Bill Gates Eugenics plan works out, to cull the population, there should be a spike in grave digger jobs down the line.
Yeh! And steak prices will drop. I can't buy like 2 nice steaks for 24$!
about 140 million jobs, not all full time.
at a 2020 hour year thats roughly 3 billion for the one cent
its also 470 million in reduced payroll taxes
but then the hourly wage does not fall for executives.
there are too many if ands or buts on this and nothing ties out. No audit of number, no way to prove anything.
What happens when wmt and other retailers report weak sales again? of th etop 10 retails only kroger and amzn show hiogher sales and kroger is in the inflationary food sector and amzn only problem is its gaining market share by buying it.
It is more than wages, it's the total cost per employee. Government has greatly increased the cost to hire and retain help. If you can't afford to hire them you sure as hell can't give them raises.
As Abraham Lincoln would say:
YOU'LL ALL SHIT OUT A LUCK BOYS!
As Obama would say:
FUCK THIS! I'M GOING GOLFING!
you voted for him...
We're getting stupider. At least with Carter we had the good sense to realize a mistake was made and kick him to the curb after one term. Not so this time around.
Don't worry. Only a little more than 2 years left and we can all start hating the new guy (or girl, or transvestite. or hermaphrodite, or lizard overlord or space alien).
Dude.....he's black....we can't just get rid of him.
Hermaphrodite President.....great idea!
Kneegros 4-ever! Amerika, Fuck Yeah!!!!
Hermaphrodite President.....great idea!
Hillary in 2016.....
We are rapidly becoming an "Idiocracy..."
http://www.zerohedge.com/news/2014-08-25/dumb-dumber-scientific-proof-pe...
Not becoming...are...
Twice. The second guy in the middle of a Civil War.
Good thing there is no inflation.
pods
THis was ALL planned a while ago:
http://www.huffingtonpost.com/dylan-ratigan/the-fed-works-for-chinese_b_...
That's also one (besides others) of the concepts of globalization: wage dumping on a global scale.
The other big one is mass immigration, sold as mutliculturalism and humanity to the sheeple. To achieve that wage dumping, the Money Masters a few decades ago would have had burning streets. But thanks to multiculturalism, the leftist sheeple can't get enough wage dumpers into their labour markets.
One can't say TPTB are stupid.
Yeah! That's the spirit! Look on the bright side, these people are also getting fewer benefits.
Just to reiterate from earlier...
off topic, but I don't care...
look at the massive volume that just tanked the paper silver just now and it's under 17/oz once again!
Massive spike in volume over 300,000. Love it. Stack up that phyzz, bitchez!
and FYI, supplies in huge shortage right now and there has been record setting sales of silver Eagles again in the last few days. Premiums have spiked up as well and there are now delivery delays of up to 2 or more weeks.
Get your orders placed now for phyzz. You can wait to see if it drops to 16 or 15 or 10, but at the same time there won't be any supply and premiums might spike to 25% or higher just to off-set the downward paper price manipulation, so don't fucking wait to add to your stacks.
I'm a long time stacker. HOWEVER how is 25 % increase at $10 worse than buying today's $17 plus vig.
This is the part I don't like about bugs (mainly silver bugs) if you think it's going to $10, why wouldn't you just wait instead of telling people it's better to buy at $17 ????? It makes me want to sell all my silver and just say that everyone is a fucking liar , salesman or plain crazy.
The problem with physical is that it is only a small part of the whole, and does not set the price.
So within this paradigm, is $17 still cheap, or is the threat to $10 worth the risk of buying?
If we ever break the damn cartels grip on the markets, we shift to a new, physical price model, where any number you throw around in the current paradigm is cheap.
So you can get your ass reamed thinking within this paradigm, but stacking for the next is always a good idea. You just cannot use the current paradigm as a judge of performance.
To changer paradigms, the price of silver has to change large enough to break it. That can be to the upside OR the downside.
If silver breaks below the price to dig it (for a long period), mines shut and physical becomes scarce. Reinforces on itself too.
Same problem with oil, and gold. Real companies are not going to produce it until they are bankrupt.
pods
I just don't undestand why there are not shortages of physical at these prices.
Someone is selling physical somewhere...
Until there is a long and sustained shortage, why would the paradigm ever change?
Pods, If my observations about farmers and other producers are accurate, I think they WILL mine silver until they become bankrupt. That is the only way to get a farmer to quit farming. I happen to own some shares in silver mines and it seems their solution to lower prices is to mine more, acquire competition, and spend some money on exploration for new resources. I just read a quarterly report where the company lost money, but were bragging about the new viens of silver they had found. Color me un-impressed.
Somebody has to pay for the real profits.
With Obamacare. Pretty soon we will all have two 25 hours a week jobs.
Optimist.
Yep, one at the Burger King, the other at KFC. I sure hope they're close to each other... woundn't want to be late and get fired.
Good livin' 4 sure!
who needs wages when I can supplement with welfare... where is that chart
http://www.zerohedge.com/news/2012-11-27/when-work-punished-tragedy-amer...
Anyone who thinks this isn't part of the plan isn't paying attention. The ultimate fascist neo-feudal system has everyone working hard as hell trying to make just enough to pay the minimum balance on the credit cards that were used to gas up the truck to get to work, buy McDonald's for dinner, and settle in with their $150/month high speed internet/phone/TV bundle to watch some football on their big screen TV where they will receive their nightly propaganda.
So the FED is going to taper when unemployment reached some nominal value ... was always going to happen.
The real story is we need a bookmaker giving odds on how long the FED can hold the taper.
Reckon May the pressure will be on for something to be done because many living hand to mouth will have little to no reserve left to play the game.
Wages are way too high. We need to import more cheap labor and export more jobs to third world countries in order to get them back in line. Forward bitchez, and enjoy your ebola.
Been a while since I logged into FRED, the ST. Louis Fed Economic database. Hourly Wages data now only goes back to 2006 for some reason.
Firms can raise their earnings by, raising prices, increasing sales, or cutting costs like "sticky" wages. In a world where the labor participation rate is dropping cutting wages is as good as increasing sales or prices... and is mostly invisible to the Hoi Polloi who consume reams of propaganda. Most people, it seems, believe the used car salesmen shilling for Obama than their own eyes.
At some point driving down wages is a loosing proposition because we will have less purchasing power, we will save less, some will go on the dole and many will turn to socialism. All of which is the death knell to the global economy.
Or is that the plan?
The profits of all US businesses are down 3.18% for the four quarters ending June 2014.
Obama and COmpany must get as many people on the dole as possible.
THe middle class must be destroyed. It is known that a nation with a comfortable and growing middle class would never move closer to socialism. So that had to be changed.
Should be all smiles and sunshine for the ever-entitled rich, right?