Four measures of wages all show renewed stagnation This is something I haven’t looked at in awhile. Since 2013, I have documented the stagnation vs. growth in average and median wages, for example here and here. I last did this in 2017. So let’s take an updated look. We have a variety of economic data series to track both […]
Real wages decline YoY, while real aggregate payrolls grow With the consumer price report this morning, let’s conclude this weeklong focus on jobs and wages by updating real average and aggregate wages. Through July 2018, consumer prices are up 2.9% YoY, while wages for non-managerial workers are up 2.7%. Thus real wages have actually declined […]
June 2018 JOLTS report evidence of both excellent jobs market and taboo against raising wages Yesterday’s JOLTS report remained excellent, suffering only in comparison to last month: Hires were just below their all-time high of one month ago Quits were just below their all-time high of one month ago Total separations made a new 17-year […]
Would Serious Climate Change Mitigation Policy Increase World Hunger? That’s the finding of a recent study published in Nature Climate Change, “Risk of Increased Food Insecurity under Stringent Global Climate Change Mitigation Policy” by an international team of 22 researchers. (Coauthorship like this is why god created et al.) The abstract has made the rounds of the blogosphere, including Marginal […]
by Joseph Joyce Empires, Past and Present Economists rarely write about “empires,” unless they are referring to historical examples such as the Roman empire. But Thomas Hauner of the Federal Reserve Bank of Minneapolis, Branko Milanovic of the Graduate Center of City University of New York and Suresh Naidu of Columbia University have presented a study of […]
How close are we to “full employment”? As I pointed out Friday, there was a lot of good news underneath the headline jobs gain — primarily in labor force participation and underemployment. So, how close are we to “full employment,” based on the last few expansions? Let’s start with the simple, straightforward unemployment rate of […]
Real Wages Decline Trump and his allies have been loudly bragging about the second quarterly GDP growth rate of 4.1%. It is quite possible that a growth rate of this sort may be maintained for another quarter or so, given the large fiscal stimulus put in place at the beginning of the year. How curious […]
July jobs report: booming jobs market, and a surge in participation continues to depress wage growth HEADLINES: +157,000 jobs added U3 unemployment rate down -0.1% from 4.0% to 3.9% U6 underemployment rate down -0.3% from 7.8% to 7.5% (new expansion low) Here are the headlines on wages and the broader measures of underemployment: Wages and […]
Trump’s Illegal Economic Sanctions Against Iran Start Up Today, President Trump’s promised abjuration of President Obama’s hard-negotiated nuclear deal with Iran,the JCPOA, jointly agreed with Russia, China, UK, France, Germany, the EU, and the Security Council of the United Nations. All parties agree that Iran has held to the agreement, so Trump’s move is completely […]
By Steve Roth (originally published at Evonomics) Four Definitions of Money. All Correct Money makes the world go round. That may well be true, but money certainly makes the economics world go round. It’s the discipline’s special purview, the numeric linchpin that gives economics its dominant role and voice in our affairs. It’s what makes economics seem […]