Wages Sluggish (smallest 12m gain since 82, help-wanted ads decrease)

[papau]

http://story.news.yahoo.com/news?tmpl=story&ncid=578&e=6&u=/nm/20040729/bs_nm/economy_dc


Wages Sluggish, Jobless Claims Stable

By Tim Ahmann

WASHINGTON (Reuters) - First-time claims for U.S. jobless benefits last week held at a level suggesting an improving labor market but wage growth over the past year has dragged along at its slowest pace in over 20 years, government reports released on Thursday showed.

Wages and salaries rose a slim 0.6 percent in the second quarter and are up just 2.5 percent over the past 12 months, matching the period through March as the smallest 12-month gain on records dating to 1982, the Labor Department (news - web sites) said in a report offering fuel for an election-year debate over jobs. <snip>

Benefit costs shot up 1.8 percent, building on an out-sized 2.4 percent advance in the first quarter that reflected hefty company contributions to defined benefit pension plans (and health).

Over the last 12 months, benefit costs have risen 7.2 percent, the biggest gain in 14 years.

"Consumers generally cannot spend benefit-compensation, so weak wages remain a downside risk for consumption ... while high benefit costs could become a problem for profit margins, inflation or both," said Ian Morris, chief U.S. economist at HSBC Securities. <snip>


A third report showed the number of help-wanted ads in U.S. newspapers eased in June, suggesting a slight slowing in the pace of U.S. hiring. The Conference Board (news - web sites), a private research group, said its gauge measuring help-wanted ad volume dipped to 38 from 39 in May.




http://ap.tbo.com/ap/breaking/MGBJOOW19XD.html

American Wages, Benefits Rise a Moderate 0.9 Percent in Second Quarter
By Martin Crutsinger
The Associated Press

WASHINGTON (AP) - Wages and benefits for U.S. workers rose a moderate 0.9 percent in the April-June quarter this year, down slightly from the previous quarter's increase, as price pressures for benefits like health insurance eased significantly.

The Labor Department reported Thursday that the 0.9 percent rise in wages and benefits in the second quarter followed a 1.1 percent increase in the January-March quarter. It was the smallest quarterly increase since a 0.8 percent rise in the final quarter of last year. <snip>

Overall incomes have also been battered by the bursting of the stock market bubble in 2000, which wiped out trillions of dollars in paper wealth. An Internal Revenue Service analysis of tax returns showed that the total income Americans reported on their tax returns fell by 2.3 percent in 2002 to $6.04 trillion, the second straight annual decline in incomes.

According to the IRS, this marked the first back-to-back declines in adjustable gross income in more than a half century.
<snip>

[lovedems]

1. With all of the articles you have posted this morning about wages,

unemployment, etc. I can't see what the republicans are going to talk about for 4 days in NYC. Unless they go on about gay marriage, abortion, faith based funding...I don't see how they can tout the economy, the war, healthcare, education, etc. I know they are dragging out their moderates but what on earth are they going to brag about? I know they will try but at this point they have to sound really stupid.

[papau]

3. I agree - but the wire stories always push the GOP "improving"!

Truth is a victim of mediawhores pleasing GOP masters.

Indeed I do not see truth as being a stopper to any economic lie the GOP wants to send out in New York - The US media will never call them on the lie.

[Warpy]

6. I can hear it now

"Because of the wisdom of our policies, SOME of you are doing real well, the stock market continues to boom, little girls can go to school in Afghanistan and the IRS no longer punishes people for getting married."

The whole nauseating 4 days is going to be like that, I can smell it already.

The only question is how many are going to believe their spin and rosy rhetoric and how many will believe their own eyes and ears and bank acocunts.

My guess is at least a slim majority will do the latter.

[mhr]

2. Unemployed 50 Months Now - Still Looking The World Over - No Job Yet

Look at how badly my home town, Dallas, TX, has fared under Bush.

[havocmom]

4. Please remember to rate story on YAHOO so it stays on page one

Thank you :loveya:

[klook]

7. Where is it on Yahoo?

The link in the original post is to the AP web site. Maybe I'm an idiot, but I couldn't find it on Yahoo.

[havocmom]

8. first line of papau post has the YAHOO link

;)

[klook]

9. DOH!! Thanks. eom

[Mel]

5. at least under Clinton

I could work those 2 to 3 jobs just to get by.

Another thing when the economy was doing that good employers did not mess with me as much.

It was an economy where I did not manage to get ahead but I did not get my head stomped on either!

Sure the not getting ahead part stinks but at least I didn't get my head stomped on.

Bosses knew the economy was so good we could find another job and when you live in a so called 'right- to- work' state that's a good thing it gives you some power, not much but a little.

I miss that as I'm sure other low rung workers do.


Under Bush 1 as with 2 employers cheney with you more. I despise being a low rung earner with a Republican in office it sucks!