Monday, May 9, 2016

Average Wage Growth Below 1% Again for 2016 ?

From 2000 to 2008, the Houston Chronicle reported that average wages grew from between 3.8% and 4.4% across the United States.

According to the Bureau of Labor Statistics Employment Situation reports, in the first four months of this year, the average weekly salaries rose just 2.6 tenths of a percent from $878.49 in January to $880.79 in April.  When annualized, this means that we are on track to have a wage growth of only 7.8 tenths of a percent over the next 12 months.  This less than 1% annualized growth, is just 20% of even the worst growth of 3.8% in the years from  2000 to 2008.

Once again, this proves that we are creating jobs and not increasing wages under the Obama administration.  I, for one, am tired of his constant touting of job growth.  As if having a job is more important that having one that pays well.  In 7 years, wages under  have only risen 7% or about 1% per year.  When you subtract the 27%+ increase for the top 1%, the bottom 99% had an average increase of only 4.3%. Raising the minimum wage in 29 states has not produced wage increases.  Nor has Obama's raising of the salaried overtime rule by double, produced higher wages.   Instead, low wage growth is indicative of how weak this economy is.  The proof of that came in the first quarter when Gross Domestic Product (GDP) only grew by 5 tenths of a percent; just one-eighth of the normal non-recessionary growth rate of 3.79% since 1790.  Assuming growth is still slack throughout the year, Obama is on track to have the fourth worst presidential average of just 1.55% growth in his 8 years in office.


What Is an Appropriate Annual Salary Increase?:

The Employment Situation - April 2016 - Bureau of Labor Statistics (Table B-3):

The Employment Situation - January 2016 - Bureau of Labor Statistics (Table B-3):

Obama touts job growth, asks Congress to take action on tax evasion:

State Minimum Wages | 2016 Minimum Wage by State:

Obama overtime rule could raise wages for 5 million:

U.S. economy slows, with GDP growing 0.5% in first quarter:

Barack Obama's Sad Record on Economic Growth | RealClearMarkets:

State of the Union: Obama's Economy in 7 Charts - Fortune: 

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