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Check out this note from Inside the Wall Street Journal:
The accelerated surge in data from the Bureau of Labor Statisticians showed that the number of people out of work reached new record highs earlier this year, with 53.9 million people leaving the workforce in the second quarter, a 22.9 percent increase from a year earlier. The number of men working full time was also up by 2.4 million, while the number in the prime labor force grew by nearly 2 million. The growth in the number working part-time was partly offset by a decline in the wages of women and the growing unemployment rate, the news agencies reported.
No, it’s not the “low workload” or “large boom.” It’s the BLS’s latest report on the labor force as a whole:
Wait – did we just make a “many decades ago” video?
But wait, there’s more:
Percentage Income Earned Growth (PIE) jumped from 8.9 in July 2012 to 10.3% in June 2012, according to a report released Friday by the Brief, the federal agency that tracks the wage data. The month of July is considered a solid or “fair” month.
It also showed a 26% increase over June in June employment growth.
That’s some stimulus from businesses and the economy. But its the B’s report…which is about a median Wage Cost.
We saw this coming:
It was the target of a recent slam dunk by BLS.
As the Economic Policy Institute reported in July, the BSS’s PIE “cuts the bad statistics and masks the real picture of earnings growth for millions of workers.”
For more, read Gordon Hoffman’s blog on the BBLS..