Posts filed under “Employment”
I’ve been discussed the declining middle class for some time now — see The Disconnect and Economic Classes for a more detailed chat on the subject.
I’ll have more on this later in the week — but for now, I wanted to throw up some charts up.
I always snicker when I hear a politico scratch their head about why the opinion polls are so negative, despite "good growth and low unemployment." Aside from the fact those stats are somewhat "gamed," we also know there are additional issues. Consider our modern bad habits — excess consumption, too much debt, too little security — of all types.
Its no wonder much of the middle class is less than enthralled with the present environment:
New Study: Middle Class in Turmoil
Economic risks up sharply for most families since 2001 -
September 28, 2006
Christian E. Weller and Eli Staub
Middle Class in Turmoil PDF
This is another of our new features: Blogger’s Take. It is inspired by — a nice word for stolen — the WSJ’s Economist’s Take, which they post after major economic data releases.
We wanted to do something a bit more informal: Looking at different subjects a bit more in depth, and take in some perspectives from a broad variety of bloggers (as opposed to a narrow slice of Wall Street Dismal Scientists.
Here are our first half dozen responses to the question: "What Up With Employment?"
"A striking characteristic of the US non-farms job data since the trough of 2002 is that recovery growth is the weakest since records began in 1939 (uncertain BLS September revision notwithstanding). Even the brief and frail recovery between the 1980 and 1981 recessions was stronger. It may be that growth has not yet peaked – but that would make this jobs recovery the slowest to pan out on record.
Moreover, the latest non-farm payrolls data paints a picture of deterioration, particularly in construction and related industries. Whilst both the unemployment rate and hourly earnings data stuck out as good news, the fact is they are lagging indicators. The Fed has ammo to hold on this data; but should coming months show job losses (not outlandish) they might still choose to wait on clearer inflation (and BLS) data before contemplating the wisdom of cuts."
- Rawdon, Capital Chronicle