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View Diary: Working poverty is a hot trend thanks to low-wage jobs (48 comments)

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  •  Today's Wall Street Journal (1+ / 0-)
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    The editorial page of the Journal, although not known as being impartial to say the least, had some real facts of what might be happening in today's paper. In "The Hidden Rot in the Jobs Numbers", instead of new jobs created, the author uses numbers of hours worked divided by workers to figure out that, in reality, we are "down" 100,000 jobs since September 2013.

    For example, if the average worker was employed for 34.4 hours and total hours worked declined by 344 hours, the 344 hours would be the equivalent of losing 10 workers' worth of labor. Thus, although the U.S. economy added about 900,000 jobs since September, the shortened workweek is equivalent to losing about one million jobs during this same period. The difference between the loss of the equivalent of one million jobs and the gain of 900,000 new jobs yields a net effect of the equivalent of 100,000 lost jobs.
    It certainly might explain how this economy sucks so bad. Then, of course, there was another interesting tidbit, this on the front page of the Business section:
    Fourth-quarter results bring the trailing 12-month margin for S&P 500 companies to the highest it has been in records dating back to 1994 and probably ever

    IMO, we need a new jobs report.  One that shows the jobs created that are OVER the poverty wage,  the number that paid OVER the median wage and  how many jobs UNDER those numbers were created.   And, just for the heck of it, the amount of benefits thrown onto the salary/wage by the employer.  Now THAT would give us a sense of which direction our lives were liable to be heading.  

    Who cares about the hours one works, its the income, stupid!

    "Corporate earnings now represent the largest share of the gross domestic product—and wages the smallest share of GDP—since records have been kept" - Robert Reich

    by Copp on Mon Mar 17, 2014 at 11:25:28 AM PDT

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