This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
Instead of explaining what's wrong and how to fix things, The Times endorses what helps bankers most. Let ordinary people eat cake....if they can afford it.
A Final Comment
The July US jobs report beat expectations. At the same time, it woefully underwhelmed. The headline U-3 number was 163,000. Report details were soft.
The private payroll diffusion index fell for the second straight month. At 56.4, it's down from 56.8 in June and 61.3 in May. Despite last month's headline number beating June's, breadth was lower in July.
Hours worked were flat. Up 0.1%, average hourly earnings barely budged. Work-based income gained the same meager amount. In real terms, wages contracted.
Hourly earnings year-over-year fell from 2% in June to 1.7% in July. The comparable weekly pace dropped from 2.3% to 2%.
Incomes are declining. Jobs created are poor ones. They're mostly low pay/low benefit part-time or temp ones.
Economic uncertainty prompted greater savings. The opposite effect is less spending. In real terms, it's negative.
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).