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Response to TomCADem (Original post)

Sat Aug 18, 2018, 12:01 PM

1. Real wages are down over the year -- but Republican satisfaction is spiking

This reminds me of 2007 when Fox News and the business media, including Larry Kudlow, where bending over backwards to insist that the economy was doing great.

https://www.washingtonpost.com/news/politics/wp/2018/08/15/real-wages-are-down-over-the-year-but-republican-satisfaction-is-spiking/?utm_term=.0b59ceda2de4

Except for a little hiccup in October, average hourly earnings in the United States have increased month after month while President Trump has been in office. In January 2017, the average hourly earnings were $25.99. In July 2018, the most recent month for which data are available, it was $27.05 — an increase of more than a dollar.

But there’s a down side. While wages have gone up, inflation (as measured by the consumer price index) has gone up faster.

The Bureau of Labor Statistics tallies something called real earnings, hourly and weekly earnings that take inflation into account. In January 2017, real hourly earnings were at $10.65. In July, real earnings hit $10.76. Since the tax bill was signed in December — a bill which Trump insisted would spur rapid growth in wages — inflation-adjusted hourly earnings have increased by only 0.2 percent. During Barack Obama’s second term, they increased by 3.9 percent.

The BLS generally considers year-over-year changes in real earnings. On that metric, comparing July 2017 with July 2018, real hourly earnings are down 0.2 percent according to data released Wednesday. Real weekly earnings increased slightly year-over-year — at the slowest pace since March 2017.


https://www.bls.gov/news.release/pdf/realer.pdf

Real average hourly earnings for production and nonsupervisory employees decreased 0.1 percent from
June to July, seasonally adjusted. This result stems from a 0.1-percent increase in average hourly
earnings combined with a 0.1-percent increase in the Consumer Price Index for Urban Wage Earners
and Clerical Workers (CPI-W).

After combining the change in real average hourly earnings with no change in average weekly hours,
real average weekly earnings were unchanged over the month.



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LineReply Real wages are down over the year -- but Republican satisfaction is spiking
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