Real wages fall at fastest rate in 14 years

Financial Times ^ | May 10 2005 | Christopher Swann

[Fledermaus]

That's funny, MY inflation was almost zero and my wages went up 4% last year...hmmm.

It's ridiculous to write stories like these that throw in ALL wages earned and try and compare that to the ridiculous calculation the government uses for inflation.

Both factors are different for every person because of individual choices made.

[kaktuskid]

The report says 22,000 FEWER!! private sector jobs since bush got elected, and anyways, even 839,000 new government jobs does not take care of the 8 million new immigrant job seekers. It still means that we have over 7 million more unemployed since bush got elected.


An out of date number due to the large number of self- employed and new small business creation...they are not counted!

[Toddsterpatriot]

Usually one performs measurements to confirm ones models.

And you'd do that by counting all 141,099,000 workers? Or is it all 133,300,000 workers? Wait, you mean there's already modeling going on?

You sound like this guy.

I'm SHOCKED!! Shocked to find modeling going on at the BLS.

[RWR8189]

Did you think that some of those 7 million may have left the labor force for other reasons?

[RipSawyer]

The report says 22,000 FEWER!! private sector jobs since bush got elected, and anyways, even 839,000 new government jobs does not take care of the 8 million new immigrant job seekers.>>>>>

I have always maintained that one person added to a government payroll is in effect equal to putting several honest workers out of a job. MOST new government employees are not only non-productive but counter-productive.

[A. Pole]

Inflation rose 3.1 per cent in the year to March but salaries climbed just 2.4 per cent, according to the Employment Cost Index. In the final three months of 2004, real wages fell by 0.9 per cent.

Cheaper labor bump!

[riri]

Well, that would explain the home prices.

[A. Pole]

Misleading article. IIRC, the wage calculation used doesn't include or undervalues many benefits, commissions, and other non-standard forms of compensation.

Like rising costs of medical care?

[A. Pole]

Did that gal I saw on TV making 50 Grand a year for driving cars off the assembly line,in Detroit, to a parking lot lose her job?

He, he. They should hire some bum at minimum wage to drive these newly made cars. More drunk the better!

[Reaganwuzthebest]

This has absolutely nothing at all to do with massive illegal immigration.

If that guest worker program gets passed the only race we'll see is to the bottom.

[A. Pole]

There has been a net creation of 839,000 jobs created since Bush took office, not great, but not all that bad considering the unemployment stands at 5.2%, which is below the average UE rate of 70s, 80s, and 90s.

Putting aside the fact that unemployment in Europe is calculated differently and that it has different effect over there, what is has to do with USA?

Second these "839,000 jobs", how does it relate to the population growth? What are these jobs?

[oceanview]

just like AMEX sent me that check from the savings they reaped when they offshored customer support from Phoenix to lower cost workers in India. I got some of that as one of their customers, didn't I? maybe the check was lost in the mail.

[oceanview]

offshoring has alot to do with this. higher paying white collar jobs are being blown away by offshoring, and those that remain are seeing their salaries repriced as the US market is opened to the global labor pool.

[velyrorenry]

yeah but when you can only get $250K if the doctor cuts the wrong leg, your insurance will drop by a whopping $10 a month :)

[motzman]

Slaves don't make quality products.
Slaves don't innovate.

[RWR8189]

I wasn't talking about Europe, so I don't really see what the relevance is here.

However if you are interested you can click here and see the unemployment rate of eight other industrialized countries using US concepts.

And if you want to do your own research as to where jobs have been created in the US, you can click here.

 

[Nowhere Man]

Your posting of the cartoon says it all, man.

[RWR8189]

Rereading your post, maybe you thought my abbreviation of "unemployment rate" as "UE rate" was referring to the "European Union" as "EU"?

[janetgreen]

This has absolutely nothing at all to do with massive illegal immigration. Nothing at all. - Move on.

THAT is a taboo subject in the Bush administration, sire. Yes, we must move on as we are ordered to...

[raybbr]

That's funny, MY inflation was almost zero and my wages went up 4% last year...hmmm.

You didn't pay more for gas, electricity, oil, meat, etc. Where do you live?