US regained all the jobs lost during the pandemic

THANK YOU, PRESIDENT BIDEN.

ZZZ

Real (meaning inflation adjusted) Weekly Earnings of Production and Non-Supervisory Workers
http://data.bls.gov/timeseries/CES0500000031

This will be updated on Wednesday, August 10 830 AM ET when the CPI report comes out.

Nominal: Not inflation-adjusted:
http://data.bls.gov/timeseries/CES0500000030
This increased by 0.40% between June and July, so if the CPI comes in at higher than that, it will be a further drop in real wages. OTOH, the CPI could come in lower than that, given the drop in energy prices in the past 1 1/2 months or so. That would result in an upturn in real wages.

See Paul Krugman Op-Ed on expected decreases in inflation: https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2952210

One problem with both these series is that they don't adjust for the kinds of workers that are losing or gaining jobs --

From: https://www.piie.com/blogs/realtime-economic-issues-watch/us-wages-grew-fastest-pace-decades-2021-prices-grew-even-more


Unfortunately, that report showed a drop of constant dollar (meaning inflation-adjusted) ECI in June (the latest) of minus 3.6% compared to 12 months ago. (compensation: -3.6%, wages: -3.5%, benefits: -3.9%)

# http://www.bls.gov/news.release/eci.nr0.htm -- See table A, top 3 rows, far right column
# ECI website - https://www.bls.gov/ect/
# http://www.bls.gov/news.release/pdf/eci.pdf - lots of graphs

Another unfortunate, is that we won't see another update of this until late October.

and salaries keeping up with inflation. Perhaps because inflation was not that obvious those years.

I think that the post 2008 recovery did not generate many jobs. Wasn't it called "the jobless recovery?"

According to this, there has been a steady increase (save for a couple flat spots) in inflation-adjusted wages since the mid-90's, so last 30 years almost. (And other than the pandemic era where it jumped with all the layoffs due to mostly lower wage workers being laid off, and has been trending down since with the rehiring of them -- but still slightly higher than pre-pandemic!).

But that was after falling since 1973 until 1996.

Real (meaning inflation adjusted) Weekly Earnings of Production and Non-Supervisory Workers
http://data.bls.gov/timeseries/CES0500000031
(set the beginning time to say 1970 or before).



I hadn't heard that before, other than from Romney in 2012, and Trump in 2015-16, and assorted repukes. But it was the slowest post WW-II job recovery, and the media spared no opportunity in mentioning it.

# Nonfarm Employment (Establishment Survey,
https://data.bls.gov/timeseries/CES0000000001
I set the from year to 1980 on this one.
Monthly changes (in thousands): https://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth

Jobs fell during the housing bubble crash until February 2010, and then grew steadily since then (until the pandemic). But nowhere near as fast as what we've experienced since the pandemic bottom of April 2020.

I post links to key data in every LBN jobs report posting (the ones that come out the first Friday of every month, or the 2nd Friday occasionally), so that people can see the data for themselves, rather than rely on media characterizations and message board rando postings.

https://www.democraticunderground.com/10142951997#post2

Also all that is also in the link in my sigline
http://www.democraticunderground.com/111622439