"After union membership peaked in the 1950s at 1/3 of the US workforce.. overall income inequality was close to its lowest level since its peak before the Great Depression, and was continuing to fall. Over the subsequent decades, union membership steadily declined, while income #inequality began to steadily rise after a trough in the 1970s. In 2022, union membership plateaued at 10%, while the top 1% received almost 20% of total income" https://home.treasury.gov/news/featured-stories/labor-unions-and-the-us-economy
— #economics#unions#useconomy
Amid all the media coverage of layoffs in tech and media, you'd be forgiven for thinking the US economy was going through a period of unusually high layoffs. But it's not. Layoffs are actually down compared to pre-pandemic levels.
This morning’s #news headlines are utterly irrational. While the European economy is still suffering, the U.S. economy is doing incredibly well because of Biden’s economic policies. Yet #Trump now leads #Biden by 6 points. Complete #CognitiveDissonance!
"The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households.
📈 Nonfarm payrolls increase 199,000 in November
📉 Unemployment rate falls to 3.7% from 3.9%
📈 Labor force participation rate rises to 62.8% from 62.7%
📈 Average hourly earnings gain 0.4%; up 4.0% year-on-year
"Leisure and hospitality payrolls advanced 40,000, driven mostly by hiring at restaurants and bars.
"US employers slowed their hiring in October, adding a modest but still decent 150,000 jobs, a sign that the labor market may be cooling but remains resilient despite high interest rates that have made borrowing much costlier for companies and consumers...
"down sharply from a robust 297,000 gain in September...
"Total nonfarm payroll employment increased by 150,000 in October, and the unemployment rate changed little at 3.9%, the US #BLS reported today. Job gains occurred in health care, government, and social assistance. #Employment declined in manufacturing due to strike activity.