Posted on 11/08/2003 11:05:04 AM PST by NormsRevenge
Edited on 04/12/2004 6:00:55 PM PDT by Jim Robinson. [history]
The nation's unemployment rate dropped to 6 percent last month, the government reported Friday, providing hope that a full-fledged economic recovery is finally at hand.
But after months of talk about a "jobless recovery," experts said job growth remains shaky because of lingering caution and the perverse effects of productivity gains in the workplace. In California, the budget deficit and oft-criticized business climate make the future even more uncertain.
(Excerpt) Read more at sacbee.com ...
Yeah right, Dubya.
McJobs at Mickey-D's are soooooooo challenging and rewarding.
Consumer debt increases in Sept. by largest amount since January
The new jobs added last month mostly were in lower-paying industries such as retail and temporary employment firms. Average weekly earnings in those sectors are $366 and $318 respectively, said John A. Challenger, chief executive officer of Challenger, Gray and Christmas, an employment research and recruiting firm. The national average is $521 per week." (Source)
Consumers can't afford very much debt on a WalMart wage.
There is no reason to believe that the debt-inflated service employment bubble is sustainable.
Especially with low-wage service sector jobs.
Have you ever heard of economic growth? Employment will most definitely pick up more in the coming months.
But yesterday's report showed that income growth was tapering off without any growth in jobs. The yearly rate of wage gains dropped dramatically in the past two years from more than 4 percent to 2.4 percent — the lowest in a decade. The increase in take-home pay provided by President Bush's tax cuts served mostly to mask the marked downtrend in wage income, economists said....
And while he expects the job gains to continue and feed the recovery, he noted that many of the jobs being created "aren't exactly those that can support a household."
"This time around, however, it is an indication of structural change in the labor markets. Businesses can no longer afford the costly burden of health and pension benefits."
(Source)
. Well of course wage gains have slowed the last couple of years, we were in a recession. That doesn't have anything to do with the current job outlook.
The increase in take-home pay provided by President Bush's tax cuts served mostly to mask the marked downtrend in wage income, economists said....
Funny, the New York Times, just a couple weeks ago said:
"...economists say that the wage increases have provided a buffer, allowing consumer spending to continue rising every quarter for the past 12 years, according to the Commerce Department.
I can't find the hard numbers, but from what I can tell the lastest numbers show that wages are increasing.
To Liberals, the glass is always 1/10th empty.
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