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Is California Already In Recession?

By Political Calculations When it comes to the health of his state's economy, California Governor Jerry Brown has been walking on eggshells this year. Twice each year, once in January and again in May, Gov. Jerry Brown warns Californians that the economic prosperity their state has enjoyed in recent years won't last forever.   Brown […]

Wells Fargo, Fifth Third, Comcast Unveil Minimum Wages Hike, Bonus Payments After Tax Reform Passes

Update: Add Comcast to the list   #winning pic.twitter.com/QBForn6EeF — Phil Kerpen (@kerpen) December 20, 2017 * * * AT&T’s announcement that it would boost US capex by $1 billion and pay a $1,000 special bonus to 200,000 employees once Trump signs the Tax Cut bill into law (ideally before the holidays), has unleashed a […]

David Stockman Lashes Out At Mainstream Media’s “Peak Fantasy Time”

Authored by David Stockman via Contra Corner blog, If you want to know why both Wall Street and Washington are so delusional about America's baleful economic predicament, just consider this morsel from yesterday's Wall Street Journal on the purportedly awesome November jobs report. Wages rose just 2.5% from a year earlier in November – near the same lackluster […]

Uber UK Ops In Peril After Losing Appeal Of Employment-Tribunal Ruling

This certainly doesn’t bode well for Uber’s prospects in the UK, it’s largest European market. The ride-share giant suffered its latest serious setback, when its appeal of an unfavorable employment tribunal ruling was thrown out on Friday, increasing the possibility that Uber might be forced to pay its drivers in holiday pay and the minimum […]

UK High Street Sales Suffer “Most Horrific” October On Record

The writing was on the wall two weeks ago when retail employment tumbled along with CBI-reported retail sales, but tonight's BDO High Street Sales Tracker should be the icing on the cake for any looming rate hike as like-for-like sales crashed 5.2% – describe by BDO as "the most horrific" October on record. It was […]

Where The October Jobs Were: Record Waiters And Bartenders

Following last month’s sharply upward revised jobs report, whose initial negative print of -33,000 was since revised to a positive 18K, there was a sharp jump in October jobs, which while failing to meet consensus estimate of a +310K print, was still a solid +261K. But which jobs contributed the most? The answer, not surprising, […]

UK Retail Employment Plunges Most Since 2008 As Retail Sales Crash

Yesterday we noted the surge in cable following the stronger-than-expected Q3 GDP print of 0.4% Q/Q, above the 0.3% estimate. Afterwards, the market was calculating an 87% chance that the BoE would hike next week. Brown Brothers commented that: The case against a hike is that inflation appears poised to peak shortly, the economy is […]

It Is Seven Times More Difficult To Get A Flight Attendant Job At Delta Than Enter Harvard

One of our preferred “off beat” economic indicators is how many workers apply at any one given moment in time for jobs that are hardly considered career-track. An example of this is the number of applicants for minimum wage line cook jobs at McDonalds, or flight attendant positions at Delta Airlines; conveniently, this is a […]

San Franciscans Pissed To Learn Their Liberal Policies Caused A Wave Of Restaurant Failures

In a note that we’ll file away under the definition of ‘irony’, Bloomberg wrote today that the fun-loving, free-spirited socialists of San Francisco are suddenly really pissed off that their liberal economic policies have resulted in a wave of restaurant failures, making it nearly impossible to find good food at an ‘affordable’ price.  We would […]

Paul Craig Roberts Warns Americans: “Oligarchic Rule Prevails Regardless Of Electoral Outcomes”

Authored by Paul Craig Roberts, Do the Wall Street Journal’s editorial page editors read their own newspaper? The frontpage headline story for the Labor Day weekend was “Low Wage Growth Challenges Fed.” Despite an alleged 4.4% unemployment rate, which is full employment, there is no real growth in wages. The front page story pointed out […]

Is the High Cost Of Housing Crushing Wages?

Authored by Charles Hugh Smith via OfTwoMinds blog, The authors' thesis doesn't explain the 47-year downtrend of labor's share of the economy. A provocative essay, Don't Blame the Robots, makes the bold claim that "Housing Prices and Market Power Explain Wage Stagnation." (Foreign Affairs) In other words, the stagnation of the bottom 95% of wages […]

Home Prices In 80% Of US Cities Grow Twice Faster Than Wages… And Then There’s Seattle

According to the latest BLS data, average hourly wages for all US workers rose 2.5% relative to the previous year, well below the Fed’s “target” of 3.5-4.5%, as countless economists are unable to explain how 4.3% unemployment, and “no slack” in the economy fails to boost wage growth. Another problem with tepid wage growth, in […]

Missouri’s New Minimum Wage Law Will Be… Complicated

Authored by Jazz Shaw via HotAir.com, Generally when we see news of a new minimum wage law it relates to a city or state raising it. Missouri went in the opposite direction recently, instituting a rule which forbids any local government entities from instituting a minimum wage which is higher than that state minimum. (Currently […]

Here’s How Many Americans Are Living Paycheck To Paycheck (Hint: It’s A Lot)

Is your family forced to count down the days each month until the next paycheck arrives?  If so, you’re part of a staggering, and growing, majority of households in America, the richest country on the planet, that is forced to do the same.   According to a new poll conducted by Harris Poll on behalf […]

US Workers’ Wage Expectations Unexpectedly Collapse

Cue the latest economic (and Phillips curve) paradox. On one hand, the US unemployment rate is at a 16 year low of 4.4%, suggesting little if any slack in the US economy, and according to anecdotes from both the Fed’s Beige Book and industry sources, labor shortages are so acute that – if one believes […]