– by New Deal democrat  With yesterday’s CPI report, we can update two important measures of ordinary American workers’ well-being, that also serve as short leading indicators: real average hourly earnings and real aggregate nonsupervisory payrolls.  There have been two months since the pandemic lockdowns five years ago, including last June, where there were very slight […]

Real average and aggregate non-managerial wages for November  – by New Deal democrat With November’s consumer inflation report in the books, let’s update two of my favorite measures of how the working/middle class is doing – real average non-supervisory wages, and real aggregate payrolls. Nominal average wages for non-supervisory workers rose a strong 0.7% in […]

Real aggregate payrolls and recessions  – by New Deal democrat One of my favorite indicators for the overall economic health of the American working and middle classes is real aggregate payrolls for non-supervisory workers. This is kind of self-explanatory. Rather than measure hourly wages, this is the *total* amount of wages paid to non-supervisory workers, […]