So if new hires are at the lowest end of the wage scale, a reduction in the growth of new hires increases the average growth rate? Also note the large ‘dip’ in growth to less than 2% from the last recession. The ‘lost wage growth’ doesn’t even begin to get ‘made up’ until the rate of growth exceeds the prior average of about 4%:

Aggregate demand is still being lost as the cutbacks from the collapse of oil capex 2 years ago continue:

U.S.-based energy companies announced plans to send 103,000 workers packing in the first 10 months of 2016, compared with 90,000 in the same period last year, according to global outplacement firm Challenger, Gray & Christmas.

Reminder from 6 months ago:

Alaska House Passes Reduced FY2017 State Operating Budget

Majority plan, led by Co-Chair Neuman, cuts 10% in day-to-day government

Published: March 13, 2016

Friday, March 11, 2016, Juneau, Alaska – The Alaska House of Representatives today approved a Fiscal Year 2017 statewide operating budget that shaves 10-percent from the current year’s spending levels for day-to-day government services, a historic cut on top of last year’s equal reduction.

Just saw these charts a friend sent: