How is the working-middle class doing? Real average non-supervisory wages
Real average hourly wages and real aggregate payrolls for October
– by New Deal democrat
With yesterday’s report on October consumer prices, we can take up two of my favorite measures of how the working/middle class is doing – real average non-supervisory wages, and real aggregate payrolls.
Real average wages for non-supervisory workers declined -0.1% for the month. They are -5% below their pandemic lockdown peak (which, recall, was affected by more lower wage workers being furloughed) and -2.6% lower than they were in September of last year:
Real aggregate payrolls measure how much wealth the middle/working class is earning as a whole. In the past 60 years, when that has outright declined on a YoY basis, it has always – with no exceptions – coincided, give a month or two, with the onset of recessions:
The news here was good. Really, really tepid, but still good.
Real aggregate payrolls were unchanged for the month, and remained +1.1% higher YoY:
In the past few months, both inflation and nominal payroll growth have decelerated. To signal an imminent recession, nominal payroll growth is going to have to decelerate significantly more than inflation. That it hasn’t done that much in the past several months is at least muted good news.
“Real wages unchanged, real aggregate payrolls rose slightly in April,” Angry Bear angry bear blog.
To signal an imminent recession, nominal payroll growth is going to have to decelerate significantly more than inflation. That it hasn’t done that much in the past several months is at least muted good news.
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thanks for the reminder that we need to keep real wages of workers always in mind but we also need to keep in mind the welfare of other creatures, other creatures of many species that are here to ensure that we have plenty of oxygen and a healthy environment. Ceu
our multi-lane traffic is a threat to other animals and we should concentrate on building single Lane streets, and roadways. our intersections should be remodeled as free flow interchanges which allow for natural animals to crawl under the overpass of these interchanges. the Environmental unexpected advantage of these interchanges would also allow vehicles to continue on without the increase of CO2 production from braking then re-accelerating. additionally, a more efficient traffic pattern would allow companies to spread out their workers over a larger area that does not require skyscrapers. think World Trade Center!
have a proud Veterans Day weekend one at all
!