[HN Gopher] 2022Q4 real compensation revised downward to -4.7% f...
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2022Q4 real compensation revised downward to -4.7% from +0.7%
Author : mitthrowaway2
Score : 14 points
Date : 2023-06-02 22:16 UTC (44 minutes ago)
(HTM) web link (www.bls.gov)
(TXT) w3m dump (www.bls.gov)
| mitthrowaway2 wrote:
| According to the BLS, the previously published data for Q4 2022
| showed real nonfarm wages rising +0.7% annualized (wages growing
| faster than inflation), but this has now been revised to -4.7%
| annualized (wages shrinking vs inflation). In fact, the revised
| figures show that wages decreased by 0.7% even in nominal terms,
| whereas they previously estimated that wages had been growing
| 4.9%.
|
| Revised figures for 2023 Q1 show that nonfarm real hourly
| compensation decreased -1.7%, whereas the previously published
| figures showed -0.3%.
| jeffbee wrote:
| I guess that poses a serious problem for those who still claim
| that wages are driving inflation.
| toomuchtodo wrote:
| Corporate profits down ~5% last quarter. 10 million job
| openings at the moment. Lots of pain for capital ahead, not
| so much for the labor market (structural demographics). Gotta
| squeeze enterprises more, who have been juicing profits with
| pricing power.
| adra wrote:
| I mean, it could be still true if you expect that only the
| economy outlier super rich driving up the costs against those
| that can barely scrape together enough for a meal.
|
| An interesting observation would be to know the grocery cost
| growth per area / supermarket chain to see if there's a wider
| increase in prices between affluent and poor neighbourhoods.
| berbec wrote:
| "Facts" and "reality" have never been a serious, or any sort
| of, problem for those folks. They believe in trickle-down and
| the reason people are poor is because they go to StarBucks
| too much.
| jjtheblunt wrote:
| Do you have terms mixed?
|
| Trickle-down was a Republican thing, but these stats are
| during a Democratic administration?
| oh_sigh wrote:
| Why is farm business broken out from nonfarm business?
| berbec wrote:
| Because many of the rules (minimum wage, age restrictions etc)
| do not apply to farm businesses.
| peteradio wrote:
| Farm business relies either on family or very low wage
| immigrant labor. They behave differently enough that it's worth
| watching them separately.
| SamoyedFurFluff wrote:
| Serious question: if compensation is actually decreasing where
| are people getting justification on rolling back child labor
| laws? Now adults have to compete with children?? Isn't that just
| going to make it worse???
| jeremyjh wrote:
| It will make things better for the people purchasing the
| legislation.
| berbec wrote:
| Best investment out there: buy a politician.
| tiedieconderoga wrote:
| Worse for whom? Those laws are being passed to address a
| perceived labor shortage.
|
| Some employers and economists would tell you that it's good for
| wages to decrease, because that will help to fight inflation.
|
| It's all a matter of perspective.
| [deleted]
| falcolas wrote:
| Cue economists claiming this is great, because it will lower the
| rate of inflation, pinky promise.
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