Sen. Bernie Sanders (I-Vt.) on Monday highlighted the declining state of the economy under President Joe Biden and said he does not believe the passage of the Inflation Reduction Act is enough of an achievement to help Democrats run on in the midterm elections. Sanders made the comments during Monday’s broadcast of NBC’s “Late Night” where he noted large…
Sanders Says Democrats Must Admit Americans Are in ‘Rough Shape,’ ‘Wages Not Keeping up With Inflation’
1.3 Million Jobs Were the Result of Double-Counting This Year, Says Heritage Economist
The monthly U.S. jobs reports have topped market estimates many times this year. The July and August non-farm payrolls (NFP) reports showed 528,000 and 315,000 new jobs, respectively, higher than what many economists and analysts had initially projected. White House officials have taken victory laps on the employment data, noting that these numbers are…
Department of Labor Fines Hawaiian Restaurant Group for Tip Violations
The U.S. Department of Labor (DOL) has issued a statement against a group that operates numerous steak and seafood restaurants in Hawaii, claiming it has engaged in illegal labor practices at the expense of its servers. On June 30, the DOL issued a statement on the labor practices of the DK Restaurant Group, alleging that…
Worker Shortage a Bigger Inflation Threat Than Unions, Economist Reminds
News Analysis Amid record-high job vacancies and low unemployment, wages have not kept pace with inflation and workers are feeling the pinch. Unions are starting to negotiate some of the biggest pay hikes in years, but an economist says their impact on pushing wages much higher, which could make inflation very difficult to bring down,…
Apple to Hike Wages Amid Tight Labor Market, Inflationary Pressures
May 26, 2022
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Apple has announced plans to raise salaries for U.S. workers by at least 10 percent in a tight labor market that’s pushing companies to boost wages to attract and retain workers who face growing cost-of-living pressures from high inflation. The tech giant said in a statement that it is expanding its compensation budget, hiking the…
Australian Unemployment Rate Falls to Lowest in Almost 50 Years
May 18, 2022
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Australia’s unemployment rate has fallen below four percent for the first time as 4,000 people found employment, the Australian Bureau of Statistics (ABS) revealed on Thursday, two days before the federal election. ABS head of labour statistics Bjorn Jarvis said the jobless rate for April, at 3.9 percent, was the lowest recorded rate since the…
Eurozone Firms See Wages Rising by 3 Percent or More, ECB Says
FRANKFURT—Eurozone companies expect wages to rise by 3 percent or more this year as workers demand to be compensated for inflation and it becomes more difficult to find staff such as builders and software engineers, the European Central Bank said on Friday. Wage growth is a crucial indicator for the ECB in assessing the future…
Hourly Earnings Rise Above Expectations, Stirring Wage-Price Spiral Inflation Fears
Wages among hourly workers in the United States rose above expectations in January, putting economists on alert for the stirrings of a possible wage-price spiral as concerns about the persistence of underlying inflationary pressures shift from supply-side bottlenecks to worker demands for higher pay. Average hourly earnings of all private-sector employees rose by 23 cents…
Chinese Property Developers Encounter Intensifying Clashes Over Domestic Construction and Wage Arrears
Embattled developer Evergrande’s failure to meet its debt payments has set off a chain reaction in the property sector in China. Multiple Chinese property developers in different parts of China are experiencing defaults in construction and wage payments as well as overseas and domestic bonds and debts. In China, it is common practice in the…
Real Wages Plummet as Inflation Hits the Job Recovery
Commentary The U.S. December jobs report shows that the labor market remains weak. The headline 3.9 percent unemployment rate looks positive, but job creation fell significantly below consensus, at 199,000 in December versus a consensus estimate of 450,000. The weak jobs figure should be viewed in the context of the largest stimulus plan in recent…
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