SoylentNews

The 99% Got a Bigger "Raise" than Previously Estimated

posted by martyb on Friday August 02 2019, @08:23AM   
from the deregulation-and-tariff dept.

An Anonymous Coward writes:

New data show much faster growth in wages and incomes.

Wages and salary figures have been going up faster than previously estimated, with the year-over-year increase revised from 3.6% to 5.5%. Even after adjusting for inflation, that is 4.1%.

Overall personal income is up, transfer receipts (welfare) are down, and savings is up. Americans are relying less on the government and saving more of what they earn. Personal savings is 8.1%, not the 6.1% that had been estimated. Consumer spending is up despite the increase in savings. The fact that spending isn't accompanied by a household debt increase makes the economic expansion more durable.

The numbers for the first quarter of 2019 look particularly good for reducing income inequality. Corporate profits declined while wages grew at an annualized rate of 10.1%.

---

Original Submission

• Re:Cycle or policy? Re:Cycle or policy? (Score: 2) by Common Joe on Saturday August 03 2019, @04:27AM (1 child)

  by Common Joe (33) <{common.joe.0101} {at} {gmail.com}> on Saturday August 03 2019, @04:27AM (#874994) Journal

  Don't forget: the definition of inflation is measured differently over time. And also, 1% - 2% today doesn't come close to making up years of deficiencies.

  [Skimming article] Hmm. There are a couple of places that make me question the accuracy of this article.

  And in June wages and salaries grew at an annual rate of 5.5%, which is a rocking 4.1% after adjusting for inflation. This is far more than the 3.1% year over year increase in average hourly earnings that the Labor Department’s jobs report showed for June. One reason for the disparity may be that employers are hiring millions of younger, lower-income workers, which may be depressing average hourly earnings as older, more highly paid workers retire.

  Corporate profits declined 2.9% in the first quarter of 2019 even as wages grew at an annual rate of 10.1%. This sure sounds like an economy that is benefiting the 99%.

  And why is this in the opinion section of the Wall Street Journal?

  Parent

  Starting Score:	1		point
  Karma-Bonus Modifier		+1
  Total Score:		2

• Re:Cycle or policy? (Score: 2) by JoeMerchant on Saturday August 03 2019, @11:19AM

  by JoeMerchant (3937) on Saturday August 03 2019, @11:19AM (#875068)

  why is this in the opinion section of the Wall Street Journal?

  Because, the editors know BS when they see it, but are required to print it anyway.

  --
  Україна досі не є частиною Росії Слава Україні🌻 https://news.stanford.edu/2023/02/17/will-russia-ukraine-war-end

  Parent