The main image may be mirrored, but fascinating anyway. Elites provided tax relief for followers all through history. Don't forget why people do things for powerful friends.
#Wages were strong: Avg hourly #earnings rose 0.4%, up 4.1% from a year earlier. That was also stronger than expected, since #WageIncreases have been easing since early 2022.
The household survey, from which the #unemployment rate is drawn, showed 408k fewer people #working in May than in April. That data has been out of joint for some time w/the survey of #employers, from which the #JobGrowth figure is tallied, suggesting revisions down the line.
The data is unlikely to affect the #FederalReserve’s decision next week on #InterestRates, when most economists expect policymakers to leave rates unchanged at their currently high level. #Fed ofcls have noted they are most focused on progress in suppressing inflation#.
In other data released this week, the ratio of #JobOpenings to #unemployed workers in April declined to prepandemic levels after peaking at more than two to one in early 2022. #Employers aren’t #hiring very quickly, but they’re not laying many people off, & #workers are less likely to quit their #jobs than they were in 2019.
The drop in #LaborForce participation came largely from those between the ages of 20–24, declining from 72.4% in April to 70.8% in May.
The U.S. economy added a booming 272,000 jobs in May, with unemployment at 4%.
USA Today reports: "Wage growth generally has downshifted as COVID-related labor shortages have eased, but it’s still above the 3.5% clip that’s consistent with the Federal Reserve’s 2% inflation goal."
• 272K jobs added in May
• Total of 15.6 million jobs added under Biden
• Women's employment rate hits another high in May
• 30 straight months of unemployment rate at or below 4%
• Prime-working-age labor force participation at 22-year high
• Wages up 4.1% over past year, significantly faster than 3.4% inflation
-That won’t stop bosses from trying to use AI to replace certain jobs, keep pay lower, and demand you and your coworkers produce more work
-Your bosses’ measuring stick for AI output isn’t whether it’s so good it can replace you wholesale, but if it’s “good enough” to justify the savings on labor costs
-Certain industries are uniquely vulnerable to generative AI output, and are more threatened than others
-After workplaces are disrupted by generative AI, employees not laid off or reassigned will have to pick up the pieces, often with more work than before
-Whether or not your boss adopts generative AI directly or your industry is threatened, the technology can be used as leverage against you and your colleagues
-Generative AI may or may not be a flash in the pan, but it can be a wrecking ball to your job regardless, especially if your boss is looking for an excuse to cut costs or to appear innovative — and you should be ready
There will almost certainly be no AI jobs apocalypse. That doesn’t mean your boss isn’t going to use AI to replace jobs, or, more likely, going to use the specter of AI to keep pay down and demand higher productivity"
#Inflation soared under President #Biden in 2021 & 2022, as the #economy emerged from the #pandemic recession [that began under Trump]. Its causes were complex, including snarled #SupplyChains, stimulative policies by the #FederalReserve &, to a degree, federal fiscal policies incl’ing #Covid relief bills signed by #Trump &…Biden.
#Biden has worked to limit prices for #PrescriptionDrugs like insulin & inhalers, rein in #bank#overdraft & #creditcard fees & make airline #travel cheaper & more transparent, achievements that he often discusses on the campaign trail.
“We’re taking on #corporate#greed to bring down the #price of gas, food & rent, eliminating junk fees,” #POTUS told a crowd of cheering supporters in Philadelphia last week.
Inflation Eases to 3.3% in May, Slightly Lower Than Expected (www.wsj.com)
Core prices that exclude volatile food and energy items climbed 3.4% from a year earlier
Trump Vows to Lower Prices. Some of His Policies May Raise Them. (www.nytimes.com)
Donald J. Trump has not released a detailed economic plan. But three of his key proposals would push prices up, economists say.