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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 1 of 13

@ChasKy53 wrote:

@rk9152 wrote:

@n566192l wrote:

Rk9152,

Can you please explain your post to me. Thanks 😊


One of the ideas in AOC's tome is pay for those who choose not to work.


So what has that have to do with this topic? What does that have to do with anything that n5661921 posted to this topic?  Oh ............. that's right ............ absolutely nothing.

 


It was in response to another poster's inquiry. I do believe that it permitted without anyone seeing a violation.

 

Have someone correct me if I am wrong on that.

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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 2 of 13

@gruffstuff wrote:

Manufacturing Wage Growth Hits Highest Level in Over a Decade

 

Manufacturing Wage Growth Hits Highest Level in Over a Decade

 

That 2.9% Wage Growth Is 1% After Inflation: What The News Doesn't Tell You

 

After the Bureau of Labor Statistics (BLS) monthly Employment Situation report landed on Friday, much of the coverage focused on the increase in average hourly earnings. Up by 2.9% over the last year, it seemed important given how employee pay has lagged overall economic growth. Particularly when you remember that while the well-off saw significant gains in their net worth, most people saw a big loss and are still pulling themselves out of a financial pit.

 

 

News reports noted that the wage growth hit a nine-year high. And that's good, given its anemic movement for years. However, that is a single number.

 

 

Before declaring victory, it would be sensible to put things into context. Below is a graph of the wage numbers from the BLS via the Federal Reserve Bank of St. Louis. The reported figures are nominal numbers, without any correction for inflation; with correction they are called real. Using some St. Louis Fed techniques for getting a graph adjusted by the consumer price index (nominal figures divided by CPI) to get real wages, here is the year-over-year percentage change in average hourly earnings.

 

 

Suddenly that 2.9% doesn't look so … robust. In real terms, the increase is just over 1%. As Jeffrey Pavlik noted on Forbes last month, the CPI hit 2.9% in July, which was a ten-year high. Inflation eats up real earnings.

 

 

By the way, the average hourly figures don't include income for the self-employed, including limited partnerships and other structures frequently used by the wealthiest to manage their income. The reported income numbers significantly understate what they might be if all that other income were included.

 

 

Next, a look at median weekly earnings (typically reported in real, not nominal, figures) — so the weekly take of those in the middle of the working pack.

 

 

 

The starting point is, again, June 2009 at $334 per week, with the end measured in the second quarter of 2018 at $351. That is a 5.1% increase over nine years, or about 0.57% a year.

 

 

It is true that the growth rate for nominal wages is better than it was. But in real terms, don't break out the champagne. Most people can't afford it.

 

Comments :

 

The starting point is, again, June 2009 at $334 per week, with the end measured in the second quarter of 2018 at $351. That is a 5.1% increase over nine years, or about 0.57% a year.

 

 

http://www.in2013dollars.com/2009-dollars-in-2018?amount=334

 

$334 in 2009 → $390.93 in 2018

 

In another ten years we might break even, unless there is a recession.

 

 


Gruffstuff, thank you once again for a post overflowing with facts. Thank you for this posting that put this topic into actual perspective and reality.


"The only thing man learns from history is man learns nothing from history"
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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 3 of 13

@rk9152 wrote:

@n566192l wrote:

Rk9152,

Can you please explain your post to me. Thanks 😊


One of the ideas in AOC's tome is pay for those who choose not to work.


So what has that have to do with this topic? What does that have to do with anything that n5661921 posted to this topic?  Oh ............. that's right ............ absolutely nothing.

 


"The only thing man learns from history is man learns nothing from history"
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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 4 of 13

  I don't usually count them as even,adults.

 

Just herd them over with the migrants and don't count them.

 

Only collect data for what you want people to see.

 

Only count full time employment and jobs that pay over $ 20 an hour.

 

BOOM 

The Trump economy has eliminated poverty.

 

The magic of Republican economics.

 

 

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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 5 of 13

@gruffstuff 

Seems to me this data should exclude people under (say 19).  By counting 16 - 17 and probably 18 year olds - it is bringing the whole stats down because we know that most likely these are the lowest paid because of experience, still learning, etc.  I don't usually count them as even,adults.

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 6 of 13

Manufacturing Wage Growth Hits Highest Level in Over a Decade

 

Manufacturing Wage Growth Hits Highest Level in Over a Decade

 

That 2.9% Wage Growth Is 1% After Inflation: What The News Doesn't Tell You

 

After the Bureau of Labor Statistics (BLS) monthly Employment Situation report landed on Friday, much of the coverage focused on the increase in average hourly earnings. Up by 2.9% over the last year, it seemed important given how employee pay has lagged overall economic growth. Particularly when you remember that while the well-off saw significant gains in their net worth, most people saw a big loss and are still pulling themselves out of a financial pit.

 

 

News reports noted that the wage growth hit a nine-year high. And that's good, given its anemic movement for years. However, that is a single number.

 

 

Before declaring victory, it would be sensible to put things into context. Below is a graph of the wage numbers from the BLS via the Federal Reserve Bank of St. Louis. The reported figures are nominal numbers, without any correction for inflation; with correction they are called real. Using some St. Louis Fed techniques for getting a graph adjusted by the consumer price index (nominal figures divided by CPI) to get real wages, here is the year-over-year percentage change in average hourly earnings.

 

 

Suddenly that 2.9% doesn't look so … robust. In real terms, the increase is just over 1%. As Jeffrey Pavlik noted on Forbes last month, the CPI hit 2.9% in July, which was a ten-year high. Inflation eats up real earnings.

 

 

By the way, the average hourly figures don't include income for the self-employed, including limited partnerships and other structures frequently used by the wealthiest to manage their income. The reported income numbers significantly understate what they might be if all that other income were included.

 

 

Next, a look at median weekly earnings (typically reported in real, not nominal, figures) — so the weekly take of those in the middle of the working pack.

 

 

 

The starting point is, again, June 2009 at $334 per week, with the end measured in the second quarter of 2018 at $351. That is a 5.1% increase over nine years, or about 0.57% a year.

 

 

It is true that the growth rate for nominal wages is better than it was. But in real terms, don't break out the champagne. Most people can't afford it.

 

Comments :

 

The starting point is, again, June 2009 at $334 per week, with the end measured in the second quarter of 2018 at $351. That is a 5.1% increase over nine years, or about 0.57% a year.

 

 

http://www.in2013dollars.com/2009-dollars-in-2018?amount=334

 

$334 in 2009 → $390.93 in 2018

 

In another ten years we might break even, unless there is a recession.

 

 

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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 7 of 13

@afisher wrote:

Bordering on nonsense as it is not the WAGE but the percentage of people who benefit from the wage.    The current regime in DC no longer reports that metric - so that it can make up numbers.  


The WAGE represents that which is EARNED by those WORKING in manufacturing.  Granted, the number of such people is not like in the more labor intensive world of the '50s, but that is the reality of the world.

 

Now, you may call that "nonsense" but how do you propose going back to the old assembly line?

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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 8 of 13

@n566192l wrote:

Rk9152,

Can you please explain your post to me. Thanks 😊


One of the ideas in AOC's tome is pay for those who choose not to work.

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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 9 of 13

update:  U.S. retail sales recorded their biggest drop in more than nine years in December as receipts fell across the board, suggesting a sharp slowdown in economic activity at the end of 2018.

 

RE:  data - the percent of manufacturing jobs in US has been about 10% or less, which maybe another reason donald wanted it gone.    just saying.

PRO-LIFE is Affordable Healthcare for ALL .
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Re: Manufacturing Wage Growth Hits Highest Level in Over a Decade

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Message 10 of 13

Bordering on nonsense as it is not the WAGE but the percentage of people who benefit from the wage.    The current regime in DC no longer reports that metric - so that it can make up numbers.  

PRO-LIFE is Affordable Healthcare for ALL .
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