Payroll employment rises by 353K in January; unemployment rate remains at 3.7%

Re:Payroll employment rises by 353K in January; unemployment... by GartzenDeHaes on Friday February 02, 2024 @09:47AM (#39229121)

From my point of view, it's a booming economy for the top 10%-20%. The middle are mostly holding ground, but the bottom 10%-20% are in, or close to, a depression. Homelessness and food bank utilization are at a record high by some measures.

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Re:Payroll employment rises by 353K in January; unemployment... by bryanlarsen on Friday February 02, 2024 @10:02AM (#39229355)

The people who gain are the ones willing to change jobs; which is primarily the top and bottom 10%. Those two demographics are the ones experiencing wage gains that have outplaced inflation. The middle class who feel loyalty to their employers (like me) are the ones who aren't getting raises in line with inflation.

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Re:Payroll employment rises by 353K in January; unemployment... by lotsofpulp on Friday February 02, 2024 @09:52AM (#39229192)

The data indicates the lowest quintile is gaining the most:

https://www.epi.org/publication/swa-wages-2022/

If anything, the middle and upper middle is experiencing decreased quality of life, for example not eating out as often, because the lowest wage workers in restaurants/hotels/farms/etc are seeing wage growth.

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Re:Payroll employment rises by 353K in January; unemployment... by GartzenDeHaes on Friday February 02, 2024 @10:02AM (#39229344)

That report shows an income increase of 9% from 2019 to 2022. There was a 40% currency devaluation during this time that led to the doubling of rents in most places.

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Re:Payroll employment rises by 353K in January; unemployment... by deeg on Friday February 02, 2024 @10:53AM (#39229992)

The article indicates that inflation is accounted for: "Even in the face of rising prices, low-wage workers have experienced historically fast real wage growth."

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