Sunday, May 12, 2013
Center for Economic and Policy Research co-director Dean Baker calls poverty America’s “new growth industry.” The state of today’s America is deplorable.
In his latest May 3 analysis, economist John Williams said “April “employment and unemployment data were nonsense: the economy remains in serious trouble.”
About 23% of Americans wanting work can’t find it. Most jobs are temp or part-time low pay/poor or no benefit service ones with no futures. Conditions are getting worse, not better.
Federal, state and local government jobs were lost. Construction shed 6,000 jobs. Zero manufacturing jobs were created. Most good ones are overseas. They’ve been offshored to low-wage countries.
Economist David Rosenberg called April a “potemkin payroll report. Where’s the income hiding,” he asked? Average wage-based income declined 0.4%. It was the biggest drop since last October.
Market analyst Graham Summers discussed “a truly horrible economic reality” beneath April’s headline job numbers. The average workweek declined by 0.2 hours. The average manufacturing workweek was down 0.3%.
Fewer overall hours worked subtracts 15 minutes per week. Applied to private sector employment, it’s “the equivalent of over 21 million work hours lost in one month.”