Inflation has outpaced wages for nearly two years, recently released federal data shows.
A closer look at federal wage and pricing data shows workers are making less overall as the price for all kinds of goods and services rise faster than average hourly wages.
The U.S. Bureau of Labor Statistics tracks “real” average hourly earnings, which are wages of Americans with rising inflation taken into account.
The White House Office of Management and Budget (OMB) in the now-released President’s Budget is projecting just 0.6 percent in inflation-adjusted real growth of the U.S. economy in 2023 as the unemployment rate is expected to rise to 4.3 percent in 2023 and peak at 4.6 percent in 2024 after the economy is finished overheating from the continued, elevated inflation, consumers max out on credit and spending falls off a cliff.
The Government Accountability Office on Wednesday revealed that Boeing is having trouble finding qualified workers for its nearly $5 billion Air Force One project. Thanks to COVID-related delays and retirements, the project is understaffed and behind schedule. The aviation giant has already lost $1.1 billion on the deal, which was contracted in 2018 at a fixed price of $3.9 billion and may not be finished until mid-2025.
Not just any warmblood with a wrench can walk in and get a job assembling the president’s jet. Due to the top-secret nature of the aircraft – actually, two specially converted 747-8s that the Air Force officially designates as the VC-25B – anyone working on the project needs to undergo an in-depth background check for a security clearance.
As the peak of the coronavirus pandemic appears to have passed, ten Republican-led states have all recorded the lowest unemployment rate on record.
According to The Hill, the latest report from the Bureau of Labor Statistics (BLS) shows ten different states with unemployment rates as low as just over 2 percent. Nebraska and Utah are tied for the lowest percentages in the country, at 2.2 percent each. They are followed by Indiana with 2.4 percent, and Kansas with 2.6 percent. The remaining six states are: Arkansas, Georgia, Mississippi, Montana, Oklahoma and West Virginia.
All ten states’ unemployment rates are currently the lowest on record since BLS first began tracking state-by-state percentages in 1976. Of these ten states, only one has a Democratic governor, with Laura Kelly in Kansas. All ten states have Republican majorities in their respective state legislatures.
The U.S. economy added 678,000 jobs in February, according to a Friday report from the U.S. Bureau of Labor and Statistics (BLS), beating economists’ expectations.
Total nonfarm payroll employment increased by 678,000 in February, according to the BLS report, while the unemployment rate dropped to 3.8%, a pandemic low. Job gains were most pronounced in the leisure and hospitality sectors, which added a total 179,000 jobs.
“The labor market continues to be quite hot,” Nick Bunker, an economist at Indeed, told The Wall Street Journal. “It looks like the labor market is still primed for lots of strong employment growth.”
The U.S. economy added 210,000 jobs in November, marking nearly the lowest number of jobs created in a month since President Joe Biden took office in January.
November’s jobs report was well below economists’ estimate of 573,000, according to CNBC. Additionally, unemployment fell to 4.2% from October’s 4.6% figure, according to the Bureau of Labor Statistics (BLS).
The U.S. economy, still recovering from the COVID-19 pandemic but now subject to uncertainty related to the Omicron coronavirus variant, appeared to slow in momentum in November, The Wall Street Journal reported.
The Producer Price Index (PPI), which measures inflation at the wholesale level, rose 8.6% year-over-year as of October, growing at a record rate for a second straight month, the U.S. Bureau of Labor Statistics (BLS) announced Thursday.
BLS reported Thursday that the PPI, which measures inflation before it hits consumers, grew 0.6% in October, in line with Dow Jones estimates, highlighting that inflationary pressure is still strong.
Over 60% of the month-over-month increase in producer prices resulted from a 1.2% spike in the price of goods rather than services, BLS reported. Goods prices rose 1.2% in October compared to a 0.2% increase in the cost of services.
The U..S. economy recorded an increase of 531,000 jobs in October, and unemployment fell by 0.2% as the labor market recovers from the summer lows, according to the U.S. Bureau of Labor Statistics (BLS).
The number of unemployed people fell to 7.4 million, down from 7.7 million in September, according to the BLS report released Friday. Economists surveyed by Dow Jones projected 450,000 jobs would be added in October.
While unemployment claims continue to fall, the country still struggles with labor shortages, supply chain issues and growing inflation. Job growth was widespread throughout the economy in October, with leisure and hospitality adding 164,000 jobs, professional and business adding 100,000 and manufacturing adding 60,000 jobs, according to the BLS report.