Economic and jobs news thread

[weatheriscool]

[Tadasuke]

Key findings:
Real wages of low-wage workers grew 12.1% between 2019 and 2023. Wage growth among low- and middle-wage workers over the pandemic business cycle has outpaced not only higher wage groups over the same period, but also its own growth compared to the prior four business cycles.

Between 2019 and 2023, state-level minimum wage increases along with a tight labor market have translated into faster real wage growth for low-wage workers, particularly faster growth in states (and D.C.) that increased their minimum wage during this period.

Wage rates remain insufficient for individuals and families working to make ends meet. Nowhere can a worker at the 10th percentile of the wage distribution earn enough to meet a basic family budget.

Black men, young workers, and working mothers experienced particularly fast wage growth over the last four years. After growing for many groups in the prior forty years, key wage gaps narrowed between 2019 and 2023, but still remain large.

source link: https://www.epi.org/publication/swa-wages-2023

[weatheriscool]

[weatheriscool]

March Jobs Report crushes expectations, 303,000 jobs added, 3.8% UE
https://www.bls.gov/news.release/empsit.nr0.htm

Wage growth still much higher than inflation at 4.1%. Joe Biden is a job creation machine.

January revised up 27,000 to 256,000. February revised down 5,000 from 275,000 to 270,000.

That's over 900,000 jobs added the last 3 months. Reminder, Donald Trump lost jobs during his term, but even before Covid hit, he was averaging just 166,000 jobs added a month.

[firestar464]

Canada's meanwhile went up to 6.1%. It's pain over here

[weatheriscool]

This is why Biden is going to fucking win! but is also why the conservatives are going to win next year in Canada.

[firestar464]

IDK if the left stands united next year in CA the libs might have a chance. but idk

[weatheriscool]

Consumer prices rose 3.5% from a year ago in March, more than expected

Source: CNBC

Published Wed, Apr 10 2024 8:31 AM EDT Updated 10 Min Ago

The consumer price index accelerated at a faster-than-expected pace in March, pushing inflation higher and likely dashing hopes that the Federal Reserve will be able to cut interest rates anytime soon.

The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%, or 0.3 percentage point higher than in February, the Labor Department’s Bureau of Labor Statistics reported Wednesday.

Economists surveyed by Dow Jones had been looking for a 0.3% gain and a 3.4% year-over-year level.

Excluding volatile food and energy components, core CPI also accelerated 0.4% on a monthly basis while rising 3.8% from a year ago, compared with respective estimates for 0.3% and 3.7%.

Read more: https://www.cnbc.com/2024/04/10/cpi-inf ... march.html

[weatheriscool]

[caltrek]

Big Banks Concerned Regarding Sting from Higher Rates
by Nathan Bomey
April 12, 2024

Introduction:

(Axios) The benefits of high interest rates are fading for the nation's biggest banks as depositors increasingly moved funds to higher-interest-bearing accounts last quarter.

Why it matters: A trio of banks turned in strong first quarter earnings Friday, but warned that the profit growth they've been enjoying from higher rates is starting to fade.

Between the lines: Wells Fargo said today its net interest income (NII) — the amount it earns from lending vs what it pays to depositors — fell 8% in the first quarter, compared with a year earlier, amid "customer migration to higher yielding deposit products."

• JPMorgan Chase saw NII decline 4% sequentially, with CEO Jamie Dimon saying it faces "deposit margin compression and lower deposit balances."

• Citigroup's NII grew 1% year over year, although deposits declined 2

Read more here: https://www.axios.com/2024/04/12/j-p-m ... st-rates