On May 3, 2013, Rex Nutting writes in MarketWatch:
The April employment report exceeded expectations, with 165,000 jobs created and a welcome drop in the unemployment rate to 7.5 percent. But shorter work week is the equivalent to 500,000 jobs lost.
Total hours worked fell sharply, and the total amount of money earned by U.S. workers actually declined from the month before.
“Aggregate weekly hours” is an obscure series of data in the jobs report, but it’s vital to understanding how strong the economy is performing. As the name implies, it measures the total number of hours worked, which is what matters for sizing up overall growth in the economy.
The sad reality is that most people will remain poor and will increasingly get poorer no matter how hard they work because they have not acquired a viable share of the capital productiveness that continually replaces labor.
I have written extensively about the problem and the solution. See the
Nation Of Change article entitled The Solution To America’s Economic Decline at http://www.nationofchange.
See The Huffington Post articles entitled The Path To Sustainable Economic Growth at http://www.huffingtonpost.com/
Own or Be Owned!
