To: Free America52
The details of the unemployment report are even worse than the headline. Not only are there large job losses right now, but as a way of sharing the pain, firms are inducing workers to reduce hours and hourly wages. Therefore, when were looking at the effect of the labor market on labor income, we should consider that the total value of labor income is the product of jobs, hours, and average hourly wages and that all three elements are falling right now. So the effect on labor income is much more significant than job losses alone.
He's absolutely right here. The metric that interests me is the same that interests Roubini but I simply want to know the average hourly wage and hours worked. Until those increase re-employment ain't happening and I'm not putting any money in Larry Kudlows green shoot pipe dream.
posted on 07/05/2009 7:15:52 PM PDT
He has to pray for green shoots. If they go down, then GE will get hurt. wWen Obozo goes bye, bye!!
posted on 07/05/2009 7:19:55 PM PDT
("Give me liberty or give me death")
"I simply want to know the average hourly wage and hours worked. Until those increase re-employment ain't happening..."
I believe the 'hours worked' numbers for last month decreased by 6.9%.
posted on 07/05/2009 8:10:05 PM PDT
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