Archive for May, 2013

Today’s Payrolls Data Worse Than Spinmeisters Say

Friday, May 3rd, 2013

The Monthly payrolls data from the BLS shows, over the past year:
* About 1.9 million more jobs, but only a 1.3% increase in jobs
* Job growth is about the same as working-age population growth (not getting ahead)
* Also, 0.4 million (20%) of the new jobs are only part-time. Part-time jobs are increasing at a faster rate than full-time jobs. (Definitely not getting ahead).
* For those working, average weekly earnings are only up 1.6%, only about the same as official inflation. (Most definitely not getting ahead.)

In most previous years this report would have been abysmal, but I guess this month we’re just glad the sky isn’t falling again… yet…