Weekly pay for earners at the lowest 10th percentile of the wage scale rose at a faster rate last quarter, from a year earlier, than any other group measured by the Labor Department—including those at the top of the income scales who earn five times as much.Rising pay for the lowest-paid without a government mandate on the minimum wage---how is that possible?
The shift for low-income workers—including restaurant workers and retail cashiers—who make about $10.75 an hour, is a sign that a tightening labor market is delivering better pay to workers who largely haven’t shared in gains since the recession ended eight years ago, according to economists and government data. Last quarter marked the first time since late 2010 that this earning group’s gains outpaced all others.....
The recent improvement for low earners coincides with a downward trend in the unemployment rate, which stood at 4.4% last month, versus 4.9% a year earlier. The unemployment rate for those with less than a high-school education—who make up much of the low-wage workforce—fell even more sharply, to 6.4% last month from 7.5% a year earlier. Tighter labor supply in theory should push up wages.
We'll wait for the analytics. The factors behind higher pay packets could be business growth from reduced regulation, fewer immigrants in the labor pool, less "unfair" trade competition against domestic employers, the wealth effect from a booming stock market, higher consumer confidence, or any combination of the above.
Rasmussen: Americans Are Happier Than They Have Been In Years
Americans are feeling better about their own lives than they have in over a decade.People are happier now than any time during President Obama's two terms....That's hard to believe with Russian collusion happening and Republicans trying to kill 40,000 people a year under their health care bill. And we're not even talking about the millions (billions?) of people who will perish because President Trump pulled out of the Paris climate accords.
The people are happy in their ignorance, and the media needs to try harder to set them straight.