Mish's Global Economic Trend Analysis |
- Mish on Capital Account: Jobs, Real Wages, Income Distribution, Fiscal Stimulus
- Law of the Funnel
- Spain Still Has 60,000 More Public Employees Than in 2007
- Global Manufacturing Contracts 5th Consecutive Month
Mish on Capital Account: Jobs, Real Wages, Income Distribution, Fiscal Stimulus Posted: 03 Nov 2012 03:13 PM PDT On Friday, I once again had the pleasure of being on Capital Account, live television with Lauren Lyster. I believe you can pick up the show on Comcast but it is not available on ATT U-verse, at least in my area. We discussed the latest jobs report, real wages, Keynesian stimulus, income distribution, taxes, and other topics. I come in at about the 3:00 mark, but the first few minutes of Lauren are entertaining as usual. Link if video does not play: What Happens When Jobs Rise But Leave Wages And Living Standards Behind? Here are a couple of charts from my Friday Jobs report (see Nonfarm Payrolls +171,000, Unemployment Rate 7.9%; Good All Around Numbers), that we discussed in the video. Index of Aggregate Weekly Hours The index of aggregate hours paints a good picture of the stall in the recovery. Employment is up, but hours are not up proportionally. This reflects the trend to part-time workers and the reduction of hours in part-time workers. Average Hourly Earnings vs. CPI Average hourly earnings has been falling for years and lagging CPI inflation since September 2009. Simply put real wages have been declining. Add in increases in state taxes and the average Joe has been hammered pretty badly. Income and Wealth Distribution We also discussed income and wealth distribution and what causes the inequity. In case you missed it, please check out my detailed description in What's "Really" Behind Gross Inequalities In Income Distribution? I had a fun time on Capital Account as usual, and will be back on the first Friday of every month to discuss jobs. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com "Wine Country" Economic Conference Hosted By Mish Click on Image to Learn More |
Posted: 03 Nov 2012 01:01 PM PDT I received an interesting email from Hugo Salinas Price in response to Reflections on "Moral Choice" and the Definition of "Temporary" Hugo writes ... Hi Mish!Law of the funnel certainly describes the economic results we see. Here are links to Hugo's two most recent articles. The first link above is on fiat money vs. gold, and the second is about the crisis in Europe. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Spain Still Has 60,000 More Public Employees Than in 2007 Posted: 03 Nov 2012 09:46 AM PDT Spain is finally shedding some public workers, but the total is still substantially above the number employed at the peak of Spain's property bubble. Via Google translate from Libre Mercado please consider Spain Has 60,000 More Public Employees Than in 2007 The Labour Force Survey (LFS) for the third quarter confirmed the trend that has been recorded in recent months in terms of job losses in the public sector. Specifically, the number of employed fell by 96,000 from the second quarter, reaching a total of 17.32 million, the lowest level since 2003.Spain needs to shed a lot more public workers instead of hiking taxes. The latter strategy backfired already. For details, please see Retail Sales in Spain Plunge 10.9%, Largest Drop on Record; All Pain, No Gain. Should Spain further reduce public workers, here is the critical question: will those workers revolt? The popularity of prime minister Mariano Rajoy is low and sinking fast, and a number of regions in the country are threatening secession, so his hands are more than full already. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Global Manufacturing Contracts 5th Consecutive Month Posted: 03 Nov 2012 01:02 AM PDT Markit reports Global manufacturing contracts for fifth consecutive month The downturn in the global manufacturing sector moderated in October. The JPMorgan Global Manufacturing PMI™ – a composite index produced by JPMorgan and Markit inGlobal PMI Manufacturing is leading this global decline. Retail and services will follow. I have very little to add here other than a note that this certainly was not unexpected in this corner. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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