Some are going back to work, but employment is still dramatically low:
Hiring of lower paid workers drives the average wage lower:
Note the unprecedented drop in the labor force:
Some are going back to work, but employment is still dramatically low:
Hiring of lower paid workers drives the average wage lower:
Note the unprecedented drop in the labor force:
Still very weak- gone from increasing to decreasing:
Slowdown plus fiscal adjustment supporting income increased imports vs exports, and oil production going from positive to negative is still in progress:
Layoffs continue at a very high level as firms who kept employees with gov assistance are now letting them go:
New jobless claims continue at over 1 million per week for the 20th week:
Continuing claims remain above 16 million:
fyi:
Familiar pattern, up a bit but still depressed
What the President has been doing is expressing these
moves up from the collapse in percentage terms, then
stating the percentage gains are the largest ever, as indications
that the economy is booming, etc.
It’s either shameless spinning, or, worse, he actually believes
it…
This shows the dependence on federal deficit spending to sustain incomes;
Real personal consumption has collapsed-and particularly for services- far more than in 2008/09 even with the increase
in personal income from the stimulus checks and enhanced unemployment compensation. A large part of the reason
is that it isn’t safe to go to work and those services simply aren’t available. A financial crisis has been averted, but
not an economic collapse:
So jobs and paychecks and profits were lost, but gov deficit spending more
than made up for the lost personal income, but spending went down anyway,
as personal savings went up. Then personal income fell back some, consumption
increased some, and savings went down some.
The $1,200 distribution was a one time event, and the new deficit spending
on unemployment benefits of $600/week just expired, making it all dependent
on what Congress does next…
Bad news on both fronts:
Not getting any better:
Still at depressed levels, and these numbers are not inflation adjusted:
A bounce after the big dip but still at a very depressed level:
A bounce but still way down:
And home prices dropping: