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Average Hourly Earnings of Production and Nonsupervisory Employees Lower Than Under LBJ

This is a syndicated repost published with the permission of Confounded Interest. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

We’ve come a long way, baby. Or not.

According to the US Bureau of Labor Statistics, the Average Hourly Earnings of Production and Nonsupervisory Employees grew at 2.4% YoY in October. Sounds impressive, no?

No.

Average Hourly Earnings of Production and Nonsupervisory Employees YoY is lower than even in 1965 under Lyndon B. Johnson (LBJ). That is when LBJ and Congress launched “The Great Society” programs.

But notice that the “miraculous” jobs recovery since The Great Recession has been THE WORST WAGE RECOVERY BY FAR SINCE 1965. All other recoveries have exceeded 4% growth, at least for a short while.

1965lbj

And Average Hourly Earnings of ALL EMPLOYEES YoY is finally above the LOWEST LEVEL DURING THE GREAT RECESSION!! Well done, Washington DC!!!

lowestpointofreces

But even one of the strongest sectors of the Obama/Fed jobs recovery is showing a slowdown YoY: Food Services and Drinking Places.

foodbartenders

“All the way with LBJ” to lower wage growth.

all-the-way-lbj

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