Reply #6: Jobs increase but hours work decrease? [View All]

[kcwayne]

"Despite the increase in jobs, hours worked in the economy fell by 0.1 percent. The average workweek also fell by a tenth of an hour to 33.7 hours. Hours worked in the manufacturing fell 0.3 percent, with a drop of 0.1 percentage points in the average workweek to 40.9."

CBS MarketWatch

I keep saying that the number of jobs is a stealth number that is misleading. It doesn't give you a clue about what people are earning. I would be far more interested in seeing the amount of FICA and Medicare tax collected on a monthly basis to estimate the value of payrolls. What we would see today is that number is steadily declining, as wages are dropped and fewer hours are worked.