econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 07 April 2016

Ridiculous Economic Policy Chart Of The Week- US Worker Weekly Earnings

by Lee Adler, Wall Street Examiner

Whatever the central bankers and economic policy makers are doing sure is not helping US workers earn bigger paychecks.

The collapse in the growth rate of employee earnings attests not only to the pressure on the wages of existing jobholders, but also to the horseshit, lousy, low-pay jobs the economy is adding while everyone else's weekly pay is stagnating.

Employee Weekly Earnings Are Crashing - Click to enlarge

Furthermore, even the absurd seasonally finagled headline jobs number for March, which everyone treated as great, was terrible. Where in the mainstream media did anyone mention that even that inflated headline number of 215,000 was 34,000 less than the equally absurd February headline fiction of 249,000? The Street talking heads were too focused on the fact that the number beat the consensus by a whole 15,000 - a lousy 15,000 out of 143 million estimated total jobs. My god, that doesn't even register as a rounding error. What's exciting about that when even the reported monthly rate dropped by 34,000?

The Federal Withholding Tax data for the nonfarm payrolls survey week for March had a year to year nominal gain of 1.3%. That compared with a year to year gain of 2.7% in the February survey week. The growth rate in March was less than half what it was in February.

According to the BLS, actual, not seasonally adjusted data showed 2.6 million jobs added in the year ended in February, which was 1.9% growth year over year. The growth rate of withholding tax collections was cut in half in March which tells us that the BLS jobs growth guesstimate should have been cut in half, let's say to 1%. Without going through all the math, with wages stagnant, the economy actually would have lost 487,000 jobs. However, February jobs were also overstated, so the actual job loss in March was probably "only" around 300,000 or so.


Liquidity moves markets!

Click here to learn how you can follow the money.


At some point, unless the tax collections rebound sharply, the BLS will have no choice but to reflect reality, and the monthly headline numbers will need to be adjusted down massively, just like they were when the BLS rebenchmarked their data based on 2014 tax data and reset all the numbers for the past 5 years in February.

Taxes don't lie. The BLS numbers are worse than useless - they are often grossly misleading, and only adjusted to actual tax data the following year and for 4 more years after the fact. If you want to know what is really going on with US employment in real time, you can follow the actual Federal withholding tax data weekly in my Pro Trader Federal Revenues reports or monthly in the Monthly Investor Federal Revenues reports.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical Opinion Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.





Econintersect Opinion


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
The Expected Effects of Petitions to Improve the Monetary System
Energy and Falling Productivity
News Blog
Genetic Studies Reveal Diversity Of Early Human Populations - And Pin Down When We Left Africa
Earnings And Economic Reports: Week Starting 26 September 2016
TV Matches Aren't All That Important And Trump's Less Trusted
What We Read Today 26 September 2016
Why Mosquitoes Bite Some People
September 2016 Texas Manufacturing Survey Improves Further Into Expansion.
August 2016 New Home Sales Decline On Lower Median Sales Prices.
U.S. Real Wage Growth: Fast Out Of The Starting Blocks - Part 1 Of 2
Who Works More Hours Per Week: Rich Or Poor Countries?
Infographic Of The Day: How The World's Most Iconic Logos Evolve Over Time
Early Headlines: Asia Stocks Down, Fed Wants Banks' Commodity Limits, Treasuries Being Sold, EZ Business Output Softens, France Contraction, Saudi's Boost Banks, Canada Tightens Borders For Chinese And More
Most Read Articles Last Week Ending 24 September
How Britain Owes Its Immigrants A Debt Of Gratitude
Investing Blog
Monday Morning Call 26 September
We're Back Here We Started
Opinion Blog
Heading For A Fall? With Summer Over, Europe Must Face Up To Its Mounting Crises
What If We're In A Depression But Don't Know It?
Precious Metals Blog
War On Cash Turns To $20, $50, And $100 Bills
Live Markets
26Sep2016 Market Close: Wall Street Remained Down Ahead Of Tonight's Presidential Debate And OPEC's Meeting Later This Week, WTI Crude Falls Back To The 45 Handle, Gold Also Falls Off Session Highs
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved