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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%.
(Score: 0) by Anonymous Coward on Thursday August 08 2019, @12:03AM
He jumped from 30k/year working at walmart up to 50k a year working in the boonies, then 55k (less than the cost of living increase of the move) working in SV, then 60k moving to the east coast. Those latter two jobs have had raises that didn't keep up with the cost of living increases each year, despite the fact that his job has mostly been about 'eliminating redundancies' through effective use of code to automate tasks.
So basically people have been losing jobs because of him, and he hasn't seen a commisurate pay increase as those funds were freed up for more valuable employees. Given that his raises have been 1 percent or thereabout per year, with salary increases only coming from jumping jobs, I would say the claims about bigger raises is probably bullshit, on average, since most of the other people I know have had the same wages except for title changes for the past 5-10 years.