You have been warned.
Celebrity Magazine Sales Plummet on Newsstands
I guess the Globe is making a habit of not carrying New York Times stories. Not surprising given the growing Jewishness of Boston and its hub as a top-notch health center.
Anyway, the magazine sales are a sure sign this economy is not growing.
"Even as economy expands, wages stagnate for many" by Aki Ito, Ian Katz and Ilan Kolet | Bloomberg News August 20, 2014
WASHINGTON — Call it the no-raises recovery: Five years of economic expansion has done nearly nothing to boost paychecks for typical workers as the rich have gotten richer.
Yeah, we know. You guys are finally getting around to admitting it?
Meager improvements since 2009 have barely kept up with a similarly tepid pace of inflation, raising the real value of compensation per hour by 0.5 percent — the weakest growth since World War II. The increases averaged 9.2 percent at a similar point in past expansions, according to Bureau of Labor Statistics data compiled by Bloomberg.
Federal Reserve chairwoman Janet Yellen has zeroed in on faster wage growth as a priority.
Stagnant earnings also explain an economy that’s having trouble sustaining a rebound in housing and consumer spending, said David Blanchflower, a professor of economics at Dartmouth College.
‘‘The bottom line is we’re a million miles from full employment,’’ said Blanchflower, a Bank of England policy maker from 2006 to 2009. ‘‘Workers are struggling, and they don’t see signs that things are suddenly going to change.’’
We voted for that six years ago and look where we are.
Households in the top 20 percent of US socioeconomic groups saw their incomes grow by an average of $8,358 a year from 2008 to 2012, versus a $275 annual decline for the lowest 20 percent, according to Bureau of Labor Statistics data.
The discrepancy gained visibility after the publication of French economist Thomas Piketty’s bestseller ‘‘Capital in the Twenty-First Century.’’ It catalogs the widening global inequality between the rich and everyone else and has sparked worldwide debate.
And yet nothing has been done about it. Every week, day, hour, minute, and second the rich are getting richer.
In the United States, stagnant wages are linked to a question puzzling economists and policy makers alike: How many able and willing workers are still on the sidelines?
See: I Don't Know What to Say
I'm tired of responding to lies and propaganda, never mind reading the shit.
The issue may be among the topics Yellen and other central bankers discuss this week at their annual symposium in Jackson Hole, Wyo., where the focus will be on labor. Until the economy burns through this excess capacity, employers have little incentive to give raises.
Unless it is to themselves.
Recoveries in the past exhausted that supply far faster than the current rebound, generating broad-based compensation increases that outpaced inflation and encouraged consumer spending.
If the economy had followed the historical relationship between joblessness and earnings, real wages would have been 3.6 percentage points higher by mid-2014, given how much unemployment has declined, according to a Chicago Fed study released last week.
The jobless rate was 6.2 percent in July, down from a post- recession high of 10 percent in October 2009.
That's a rigged number, and I'm tired of it.
‘‘We’re sort of in uncharted territory,’’ said Guy Berger, a US economist at RBS Securities. ‘‘This isn’t fully behaving like prior cycles.’’
The abnormality reflects the depth of the 18-month contraction. It displaced millions of Americans who, even with a recent pickup in hiring, are still making their way back to gainful employment. The lack of wage increases also helps explain why consumers don’t seem to be on stronger footing this far into the expansion.
‘‘The scope for improvement is limited,’’ Berger said. ‘‘But real wage growth could make a difference.”
I wouldn't count on it.
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"Labor market recovery reaching higher-pay jobs" by Ylan Q. Mui | Washington Post August 18, 2014
WASHINGTON — The recovery in America’s job market is finally spreading to industries with good pay, after years of being concentrated in fields with low wages.
Says who?
Hiring has picked up steam in areas such as construction, manufacturing, and professional services in recent months — sectors with a median hourly wage of at least $20. Nearly 40 percent of the jobs created during the past six months have been in high-wage industries, compared with just a quarter during the last half of 2013, according to an analysis by the National Employment Law Project (NELP) for The Washington Post.
And here I have ben told time and again those high-wage industries were driving the recovery and responsible for increased inequality.
Meanwhile, growth in many low-paying jobs has leveled off or even declined.
‘‘I often hear that the recovery is only in low-wage jobs. That is categorically inaccurate,’’ Labor Secretary Thomas Perez said in an interview. ‘‘This recovery is creating a lot of good jobs.’’
Sigh. This government is completely incorrigible, as is it's ma$$ media mouthpiece.
If those trends hold, economists say, it could mean the bumpy road back from recession is beginning to even out — particularly if it means that more jobs with better pay can help boost household income.
Averaged across all occupations, the median hourly wage has fallen 3.4 percent since the recession, after adjusting for inflation, according to NELP research to be released Monday.
Many economists, including Federal Reserve chairwoman Janet Yellen, have pointed to an increase in earnings as one of the key missing pieces of the recovery. Yellen and other top economists from around the world will convene in Wyoming this week to discuss the health of America’s labor market.
Yeah, thank God that private looting scheme known as the Federal Reserve is looking out for all of us.
‘‘What I think matters most is wages,’’ NELP executive director Christine Owens said. ‘‘In terms of just looking at the balance, the crisis is as much a crisis of wages as it is which jobs are being created.’’
Translation: those unemployed not counted? Forget them now.
Even before the recession began, the economy was experiencing what academics call job polarization: growth at the high and low ends of the pay scale, but not much movement in the middle. Two big factors drove this: new technologies that replaced some skilled workers and increased international labor market competition.
I love it! They JUST CONTRADICTED the WHOLE PREMISE of the OPENING!
So HIGH END WAGES and JOBS WERE GROWING, huh?
And you wonder why I am sick of this $hit and not caring for the mixed me$$ages and contradictions of a corporate crap paper?
The country’s deep downturn skewed that dynamic even further. Businesses of all stripes slashed jobs during the recession, but low-wage industries such as retail and food service bounced back most quickly. They now employ 2.3 million more workers than they did in 2007, according to NELP.
Whatever.
Btw, low-wage bounced back because that is where the lost high-paying and middle-class jobs went. Those are the jobs they had to take. Makes it really a fal$e recovery, doesn't it?
Middle- and high-wage sectors have yet to recoup the ground they lost. NELP estimates 1.2 million jobs are still missing. But the pickup in hiring suggests the economy may be entering an inflection point.
We have been seeing and hearing that for FIVE FUCKIN* YEARS!!!!!!!!!!!
Oh, right, I forgot. Banks Love You.
‘‘What was so unusual about this recovery was that the low-wage industry growth was faster than high-wage growth for so long after the recovery began,’’ said Sam Coffin, an economist at UBS.
I'm also sick of seeing banking economists experts so prolific in my paper.
Coffin said low-wage sectors tend to grow faster in the first two years after recession. But it has now been five years since the recession ended, and his research shows higher-paying jobs began to outpace others in the past three months.
Coffin divided jobs into two categories: those that pay above and below the median wage. A more detailed breakdown by JPMorgan separated growth by high-wage professional and managerial occupations from those in the low-paying service sector. It showed the turning point in job creation started at the end of last year.
Related: JPMorgan Chase Head of Real G-8
Perhaps most surprising, according to JPMorgan senior economist Robert Mellman, was the simultaneous rise in all other occupations, which he classified as middle-wage jobs.
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"Ranks of jobless rise in US states in July" by Christopher S. Rugaber | Associated Press August 19, 2014
WASHINGTON — Unemployment rates rose in 30 states last month, even as employers in two-thirds of the states stepped up hiring. The trends reflect an increase in job hunters nationwide as an improving economy encourages more people to seek work.
Whatever, lying f***.
The Labor Department said Monday that unemployment rates fell in eight states in July and were unchanged in 12. At the same time, hiring rose in 36 states, fell in 13, and was unchanged in Iowa.
Does any of this swirling, steaming stinker make sense to you?
The national unemployment rate ticked up to 6.2 percent in July from 6.1 percent in June, even as employers added 209,000 jobs.
The jobless rate in Massachusetts edged up to 5.6 percent in July, from June’s 5.5 percent, according to the state’s Executive Office of Labor and Workforce Development. Massachusetts added 13,800 jobs, the office reported last week.
Related: “The story for the Massachusetts economy, if you ignore high levels of unemployment and inequality, is the economy has been performing very well.”
About the time I stopped paying attention to the bull$hit.
The reason the rate rose nationwide even as hiring increased is that more Americans launched job searches but didn’t find work. That lifted the number of unemployed. Still, the rise in people seeking jobs suggests they are more optimistic about their prospects.
Am I looking all positive, a$$hole!!!????
The jobless aren’t counted as unemployed unless they’re actively seeking work....
Meaning EVERYTHING coming from this GOVERNMENT is an AGENDA-PUSHING DISTORTION or LIE!
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That is their main mouthpiece.
"U.S. services firms grew at the fastest rate in more than eight years in July, the latest sign of an economy picking up speed in the second half of the year.
They say this when the economists are all revising down their projections for the rest of the year
The strong reading suggests Americans are increasingly confident about the economy and willing to spend more. Americans are traveling more this summer, and faster growth in services should help accelerate growth and hiring. Manufacturing is already growing at a robust pace, while many service industries have lagged."
Service industries have lagged when those low-wage jobs were the jobs created and they just grew at the fastest rate in more than eight years?
WTF is with the MIXED MESSAGES in the SAME F***ING ARTICLE!!!!!!?????
Also see: US jobless aid applications fell to 289,000
Somehow that is $een as good news.
At least profits were not hurting:
"US productivity recovers after steep first-quarter fall" by Christopher S. Rugaber | Associated Press August 09, 2014
WASHINGTON — US workers were more productive in the April-June quarter and labor costs rose slightly, a sharp turnaround from grim first-quarter figures.
The Labor Department said Friday that productivity increased 2.5 percent at a seasonally adjusted annual rate, after plummeting 4.5 percent in the first quarter. That was the steepest drop in 31 years, and reflected a sharp 2.1 percent contraction in the economy. Economists blamed most of that shrinkage on temporary factors, such as harsh weather and a cutback in stockpiling by businesses.
PFFFFFFTTT!
Maybe you should check that with Wal-mart.
Harsh weather? In this age of global warming?
Productivity measures output per hour of work. Greater productivity increases living standards because it enables companies to pay their workers more without having to increase prices, which can boost inflation.
It boost profits and they don't have to hire more workers.
Good job, slave.
Where are these alleged raises, too, since this post started with.... never f***ing mind!
Despite the first-quarter increase, labor cost gains have been tame throughout most of the recovery. Wages for most workers have barely kept up with inflation since the recession ended.
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Related:
"US retail sales were essentially flat in July, providing evidence that consumers have yet to shed their doubts about the economy despite recent job gains.
Yeah, right. It is our fault because we have no money.
Spending dipped at auto dealers and department stores last month. The losses were offset by gains at grocery stores, gasoline stations, restaurants, clothiers, and building material stores.
That is because those costs rose.
The figures suggest that Americans are hesitant to spend, which could limit growth for the economy.
Yup, it is OUR BROKE FAULT the economy is staying in depression!
Retail sales have been flat even though employers have added more than 200,000 jobs a month for the past six months, but those gains have yet to meaningfully boost wage growth above inflation, causing spending to be more restrained.
Because, despite what the lying government says, it's low-wage jobs with limited hours.
Retail sales have increased 3.7 percent over the past 12 months, but economists doubt that spending can grow much faster unless incomes rise."
There is a rising concentration of income among the top 1 percent, just as the $y$tem is designed as wealthier households account for a disproportionate share of consumer spending, and now you know why we have been in a depression.
Related: The World's 1% Are Richer Than You Could Possibly Imagine
I have a new$paper designed to obscure that fact. That is why I've stopped reading it and did not buy one today.
It's not just wealth inequality, either.
"The report ‘‘provides further confirmation that the US labor market has indeed shifted to a period of stronger growth,’’ said Jeremy Schwartz, an analyst at the bank Credit Suisse.
Do I even need to note it?
Schwartz at Credit Suisse, huh?
Known as the Job Openings and Labor Turnover survey, or JOLTS, the report provides a detailed look at where employment might be heading. It records job postings, overall hiring, and the number of workers who either quit or were laid off. Roughly the same percentage of Americans quit their jobs in June as they did in May, though the rate has increased over the past year. Quit rates usually rise when employees are finding new and better-paying jobs, a positive sign that points to a strengthening economy."
Just ignore what you have read above.
Also see:
Jobs Sweep
Stock Sweep
They kind of go together.
And look who the Globe found on a Sunday:
"The working poor who fight to live on $10 an hour; They are the waitresses, cleaners, clerks, and caregivers — one illness, rent hike, or layoff away from the very bottom" by Katie Johnston | Globe Staff August 17, 2014
They are waitresses, department store clerks, and fast-food workers. They clean office bathrooms and airplane cabins, care for the elderly, and serve hors d’oeuvres at high-end fund-raisers. One in five workers in the state, the majority of them over 25, make $12 an hour or less.
As employers squeeze costs, these low-wage earners frequently can only get part-time work without benefits, some with irregular schedules that make second jobs and child care arrangements difficult. They have no protections from having hours cut and they receive no severance pay if they are let go without warning.
Many don’t have cars, making it hard to get to work when public transportation isn’t running. Those who have cellphones can’t always afford minutes, so employers struggle to reach them. Few have college degrees.
For workers in this precarious position, there is a thin line between survival and catastrophe, and one unexpected event — an illness, a rent increase, a layoff — can be devastating.
Increasingly, they are speaking up — working with union organizers, demonstrating for higher wages.
In Massachusetts, the minimum wage will rise to $11 an hour by 2017, the highest in the nation. But for most, it still won’t be enough.
See: Doing the Bare Minimum For This Post
You want more?
Here are stories of the working poor, some cobbling together multiple jobs, others trying to advance by improving skills, all struggling to get by....
I'm so glad the Globe finally noticed you.
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Related: Wage gap rising, but less so in Boston
They still fourth in the nation in wealth inequality?
I'm not complaining; the elite of Bo$ton are for whom the paper is written.
"Teen jobs fall short of Boston’s target" by Megan Woolhouse | Globe Staff August 18, 2014
Thousands of teens have found jobs this summer, but thousands more remain unemployed and looking for work despite the efforts of state and local political leaders and millions of dollars in public funding.
Mayor Martin J. Walsh has asked the business community to do more.
Took a wipe at them, did he?
Shortly after taking office this year, Walsh implored private employers to hire city youths, and later set a goal of finding jobs for 12,000 city teens this summer — an attempt to best the record of 10,000 achieved by his predecessor, Thomas M. Menino.
But getting companies to hire teens has not been an easy sell. With summer more than halfway over, the Walsh administration said preliminary figures show that 9,842 teens have landed jobs, about 3,100 with private employers.
“We do have a little work to do there, but overall I’m happy with it,” Walsh said of the number, adding “I always want more — I want to do better.”
Pffft!
The city allocated nearly $4 million and receives another $2.6 million from the state to fund about 7,000 youth jobs, from camp counselors, to day care workers to lifeguards as well as some year-round positions. But getting private employers to match public efforts has been a challenge.
WHAT? In LIBERAL, DEMOCRATIC BOSTON?!!
Last year, youth activists descended on the Financial District with signs and chants demanding jobs.
And the fact that the propaganda pre$$ noticed makes it an agenda-pushing pos.
The group targeted Putnam Investments, a firm that manages $159 billion in assets, which had declined multiple requests to hire local teens. Earlier this year, the mayor phoned Putnam’s human resources office to make his pitch for hiring city youth.
The effort met success, although not on a grand scale. The firm created five jobs for city high-school students.
Translation: they SPIT in his f***ing hand!
“His personal touch [is] the reason we focused on it,” Rick Tibbetts, chief of human resources at Putnam said of the mayor’s efforts. “It’s about how can we give back as a good corporate citizen of Boston and help Boston youth.”
That must include the bad mortgage-backed securities they sold.
Also see: Taking a Glancy at Putnam
Just being a good corporate puke.
Jobs that teens could once count on — in retail sales, bagging groceries, at a pharmacy — are increasingly filled by college students and older adults in an economy still shaking off the last recession....
WHAT!!!! The articles above are full of STEAMING RECOVERY!
Related:
"US employers loaded up on college-educated workers in May. A hefty
332,000 new jobs last month went to those who finished college, the
Labor Department said Friday. That caused the jobless rate for college
graduates to dip to 3.2 percent from 3.3 percent in April. It was
further evidence that businesses increasingly value educated workers, even when an advertised job doesn’t call for such a degree. The odds of finding work are poor for those who have spent no time on campus. They lost jobs last month. An additional 56,000 high school dropouts lost jobs last month. Still, a college degree isn’t an automatic pathway to the middle class. Many college grads are stuck working jobs that once went to high school dropouts."
At least you can always get a summer job, kids.
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Related: Home remodeling rebounds as economy improves
Whatever, Globe. Which well-to-do friend did you interview?
Well, this post has really upset me and I'm none to eager to post any more bull$hit from the Bo$ton Globe.
I think I will call in $ick tomorrow, too, because this is obviously going nowhere, as usual.
