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Alternative Visions – Latest US Jobs and Wage Numbers—How Reliable Are They? – 05.06.16
Jack comments on today’s US job creation numbers for April, which show a
significant decline in new jobs created, to 160,000, compared to
previous months. Some problems with how jobs are calculated are
explained, including how new business creations, missing labor force,
and the US labor department surveys often fail to account for jobs
accurately or timely changes. Recent wage gains articles in the
mainstream press are then challenged as well. Jack explains the
differences in wages as a share of national income, total compensation,
average hourly earnings, and average hourly wages all have their limits
as indications of how American workers are actually doing in terms of
take home pay after inflation. Economic Policy Institute studies show
median worker real earnings in the US have been declining every year
since 2010. Gains in wages have been skewed to the top 10%, pulling up
‘averages’ which are not an accurate indicator of wage income declines
for the US working class. The show concludes with a review of global
economic developments, including growing splits among economic elites in
Europe and in Japan, as their economies continue to languish despite QE
and negative rates. And how China continues to struggle with bringing
its shadow banks and speculators under control.
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By Progressive Radio Network
4.8
2525 ratings
Jack comments on today’s US job creation numbers for April, which show a
significant decline in new jobs created, to 160,000, compared to
previous months. Some problems with how jobs are calculated are
explained, including how new business creations, missing labor force,
and the US labor department surveys often fail to account for jobs
accurately or timely changes. Recent wage gains articles in the
mainstream press are then challenged as well. Jack explains the
differences in wages as a share of national income, total compensation,
average hourly earnings, and average hourly wages all have their limits
as indications of how American workers are actually doing in terms of
take home pay after inflation. Economic Policy Institute studies show
median worker real earnings in the US have been declining every year
since 2010. Gains in wages have been skewed to the top 10%, pulling up
‘averages’ which are not an accurate indicator of wage income declines
for the US working class. The show concludes with a review of global
economic developments, including growing splits among economic elites in
Europe and in Japan, as their economies continue to languish despite QE
and negative rates. And how China continues to struggle with bringing
its shadow banks and speculators under control.
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