Economic Populist Commentary: US Labor Dept. Stats

Economic Populist Commentary

Economic commentary by a pro-capitalist, economic populist. Demand-Side Economic theory. Consists of author's economic views. Questions & comments appreciated. Dissenting views are VERY welcome and encouraged. Main "agenda" is crafting and advocacy of a "populist" economic agenda. A secondary goal is prevention of an economic Armageddon. Encouraging open discussion of US economy.

About Me

Name: unlawflcombatnt

Location: Southern California, California, United States

The author is a physician by profession, and a "student economist" by necessity. The current status of our economy necessitates the latter. The intent of this blog is to explain and discuss economics in layman terms. It is designed to promote thought and discussion. It is written by a layman. Comments and critiques of these theories and letters are welcome and ENCOURAGED. Dissenting comments are also WELCOME! They form the basis for discussion.

Sunday, December 26, 2004

US Labor Dept. Stats

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US LABOR DEPT. STATS

AVERAGE WEEKLY EARNINGS (from US Dept of Labor)

-------------------------------------------------------------------------------------------Percent
------------------------------------- Feb. --------- Jan. ------------ Feb.---------change:
------------------------------------- 2004 --------- 2005 ----------- 2005 ------- Feb 04- Feb 05
Current dollars--------------- $526.94------ $537.94-------- $532.06----- 1.0
Constant (1982) dollars---- $280.70------ $279.12-------- $275.25---- -2.0

For Feb 2005 thru March 2005 the figures are as follows (There is slight upward revision of Feb 05 wages)

----------------------------------- Mar 04 ------- Feb 05 ----- Mar 05 ----- % change:

Current dollars ------------- $520.59 ---- $534.33 ----- $534.33 ------ 2.6

Constant(1982 dollars ---- $275.74 ---- $276.43 ----- $274.58 ----- -0.4

Also note that inflation-adjusted (or "real" wages) have decreased 1.6 % from Jan 05 thru March 05.

At this rate, real wages will have decreased almost 10% by the end of the year!

Since February of 2004, inflation-adjusted wages have decreased 2%.

This information can be found at::

http://stats.bls.gov/news.release/realer.t02.htm

The message here is that inflation-adjusted weekly earnings have decreased 2.3 % in the last year. That means consumers will have less money to spend. This will decrease demand for goods and services and demand for labor to produce them.

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