Wages are about to jump faster than ever in history — for all the wrong reasons - Business Insider

Average hourly wages will likely jump between 4% and 6%, cumulatively, from March through May of this year. How can this be?

The jobs report will allow us all to see the broader impact of the unprecedented employment depression resulting from the coronavirus crisis. The size of the job loss is certain to be devastating, but some numbers may not look so bad.: Average hourly wages, hours worked and average weekly incomes will likely jump more on a month-over-month basis than ever before in the history of the data.

We are experiencing the fastest moving and largest loss of jobs in the history of employment data record keeping. The monthly BLS Employment Situation Report uses data collected each month for the payroll period in which the twelfth of the month occurs. Therefore, the March report was for the payroll week ended March 13, and the report that will be issued this coming Friday will contain data collected for the week ended April 17.

But what is clear today is that the US economy has been massively dependent on increasing numbers of low quality jobs to employ its workers. And the current crisis is about to prove conclusively what the, developed by my colleagues and myself in 2019, has shown about the anemic average wage growth of recent years. More specifically, that increases in overall employment were substantially offset by a surge in low-wage, low-hour jobs as a percentage of the mix.

DanielAlpert There has been plenty of high paying energy sector jobs lost as well. The you got the likes of Boeing and the banks laying off too. This story seems a little short sighted.

DanielAlpert Hence, statistics are usually worthless unless done on extreme micro levels. Lumping millions of people into anything is garbage in, garbage out.

DanielAlpert WOW.

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