New York City’s $15 minimum wage, which began to take effect Dec. 31, 2018, was meant to bolster earnings and quality of life, but for a lot of residents, it’s doing the opposite...
The labor group deemed the factory's wages too low to support a "decent standard of living last year". Since then, they've been slashed another 16% in 2019.
Meanwhile, the number of workers quitting their jobs dropped by 45K workers, to 3.433 million, a new 2019 low, suggesting that US workers are becoming increasingly unsure they can find a better paying job elsewhere.
And now, back to the Fed's scheduled rate cuts which will assure that even more savers have no choice but to work until they die, most likely while working on more than one job.
A beat to the relatively modest consensus expectation of 165K is virtually assured due to the wildcard that is census hiring which will be between 10K and 50K; a massive beat would certainly wreak havoc with risk sentiment.
“Employment is now also falling for only the second time in almost ten years as factories pull back on hiring amid the growing uncertainty...US manufacturing has entered into its sharpest downturn since 2009."
Either way, Uncle Sam loses its biggest lender. Instead of borrowing money from Social Security, the Treasury Department is going to have to pay Social Security back...We’re talking $3 TRILLION.
Despite some rebounds in regional Fed surveys, Chicago PMI has fallen for five of the seven months so far in 2019, collapsing in July to 44.4 - the second weakest since the financial crisis.
