That’s great in a vacuum but wage growth of 5% with inflation at 3% is a net 2%. Considering how massive layoffs continue across almost all industries a 2% increase for those not impacted by job losses, it’s not a great indicator for the working classes stability.
Considering how massive layoffs continue across almost all industries
What? Most industries are scrambling to hire as the national economy continues to add jobs at near record paces and new unemployment claims trend well below modern averages. Tech has seen massive layoffs, but outside of that small sector the jobs market is extremely bullish.
Focusing on just unemployment is a trick the capitalists play because what they care about are the people not working receiving benifits, not the actual economic outlook of those unemployed.
It doesn’t matter which number you’re focusing on, the trend is still positive (meaning good, not +) over time. All the U numbers are super highly correlated.
Plus average job growth isn’t evenly distributed. Noone is mad some people’s wages improved even with inflation, enough to keep the averages up, but a good amount of people’s situations worsened and manufacturers+distributers continue to charge $20 for 12 rolls of toilet paper.
Janet Yellen acknowledged that prices are higher than before but pointed out that wage growth outpaced inflation.
The real gaslighters are those who focus only on bad news.
That’s great in a vacuum but wage growth of 5% with inflation at 3% is a net 2%. Considering how massive layoffs continue across almost all industries a 2% increase for those not impacted by job losses, it’s not a great indicator for the working classes stability.
What? Most industries are scrambling to hire as the national economy continues to add jobs at near record paces and new unemployment claims trend well below modern averages. Tech has seen massive layoffs, but outside of that small sector the jobs market is extremely bullish.
It’s not a vacuum, wage growth has been accompanied by record low unemployment
Unemployment is at 3.7% with 6.1 million people. That number more than doubles if you include people out of the workforce that want a job and then triples when you include people in part time positions that would prefer a full time job.
Focusing on just unemployment is a trick the capitalists play because what they care about are the people not working receiving benifits, not the actual economic outlook of those unemployed.
It doesn’t matter which number you’re focusing on, the trend is still positive (meaning good, not +) over time. All the U numbers are super highly correlated.
Plus average job growth isn’t evenly distributed. Noone is mad some people’s wages improved even with inflation, enough to keep the averages up, but a good amount of people’s situations worsened and manufacturers+distributers continue to charge $20 for 12 rolls of toilet paper.
“It’s one banana, Michael. What could it cost, $10?”
(For the record, you can find 12 rolls for under ten bucks).