Sunday, August 12, 2018
Mod: One of the big effects claimed for the GOP tax bill was increased wealth for all of those folks who get up in the morning and go to work in order to get a paycheck. That is not happening, apparently. Anyone surprised?
Wages drop despite economic boom (The Hill link): Wages in the U.S. fell over the past year despite an ongoing economic boom, according to data released by the Bureau of Labor Statistics on Friday.
In the past 12 months through July, real average hourly earnings dropped 0.4 percent. That figure takes into account seasonal differences, as well as the effects of rising prices.
An increase in the length of the average workweek was not enough to compensate for the fall, leaving average weekly earnings down 0.1 percent in the same period.
Over the past month alone, real hourly wages were flat, while real weekly earnings dropped 0.2 percent.
The sluggish advance in wages comes amid an economy that, by other measures, is booming. The economy grew at an annualized rate of 4.2 percent in the second quarter, and unemployment dipped below 4 percent in July.
The dynamic could prove troublesome for Republicans hoping that a thriving economy will boost them in November's midterm elections.
Posted by The Moderator at 7:00 AM