The mainstream media rejoiced last week when a new jobs report revealed that the United States had added 255,000 jobs in July. Unfortunately, the jobs report wasn’t nearly as positive as everyone thought. It turns out that July’s job growth wasn’t really enough to keep up with population growth. In other words, there wasn’t any real growth at all.
And that isn’t the only sign that indicates the American economy is taking nosedive this year. Federal data released on Tuesday by the Bureau of Labor Statistics, shows that the government agency has changed its assessment of America’s wage growth. Previously they claimed that our wages had grown 4.2% in the first quarter of 2016.
But it turns out that wages had actually fallen by .4% between January and March. In the second quarter of 2016, between April and June, wages fell again by 1.4%. At this rate, pretty much all of the wages that Americans have gained in recent years will be lost in no time at all.
Not that it matters though. None of these numbers take into account the rapidly increasing cost of living that Americans are faced with all over the country. When the cost of rent, food, and utilities are skyrocketing, a small increase in wages is no increase at all.
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Contributed by Joshua Krause of The Daily Sheeple.
Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .