U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-31-2018, 09:59 AM
 
1,401 posts, read 306,456 times
Reputation: 1194

Advertisements

Wages and salaries jump by 3.1%, highest level in a decade

https://www.cnbc.com/2018/10/31/wage...-a-decade.html

...Wages and salaries rose 0.9 percent, well ahead of expectations for 0.5 percent. Benefit costs were up 0.4 percent.

On a yearly basis, wages and salaries jumped 3.1 percent, the biggest increase in 10 years....
Reply With Quote Quick reply to this message

 
Old 10-31-2018, 10:37 AM
 
Location: The Triad (NC)
26,878 posts, read 57,960,239 times
Reputation: 29317
Quote:
Originally Posted by Grlzrl View Post
Wages and salaries jump by 3.1%, highest level in a decade

https://www.cnbc.com/2018/10/31/wage...-a-decade.html

...Wages and salaries rose 0.9 percent, well ahead of expectations for 0.5 percent. Benefit costs were up 0.4 percent.

On a yearly basis, wages and salaries jumped 3.1 percent, the biggest increase in 10 years....
And "loud pipes save lives" right?
Just because it's repeated doesn't make it so.
Reply With Quote Quick reply to this message
 
Old 10-31-2018, 11:03 AM
 
1,401 posts, read 306,456 times
Reputation: 1194
Quote:
Originally Posted by MrRational View Post
And "loud pipes save lives" right?
Just because it's repeated doesn't make it so.
I honestly have no idea what this even means.
Reply With Quote Quick reply to this message
 
Old 10-31-2018, 09:28 PM
 
4,354 posts, read 5,282,875 times
Reputation: 4288
Quote:
Originally Posted by Grlzrl View Post
I honestly have no idea what this even means.
Me neither.

I guess this ruins the narrative of the people crying and whining that despite almost record-low unemployment, and certainly record low for most of our lives unless you're extremely old, "wages aren't keeping up!" An intelligent person -- so not most Americans, clearly -- understands that the economy really is pretty simple. Companies make products or they offer services. To do those things, they need employees to fill various roles. A company's preference would ALWAYS be to get all labor, parts, and leases for free, but that's not realistic, clearly, so their actual reality-based goal is to pay as little as possible for each element of the business and to charge as much as possible for their goods and / or services. That's also not realistic because they have to compete with other companies for business. If Company B offers a product for $20 that's better than their product, they're going to have to innovate and make a better product if they want the same $20 or more, or maybe they could outspend Company B on advertising and sell an inferior product for $20, too, or they're going to need to undercut Company B with their budget-product offering.

The competition for skilled employees -- a finite number of people in each field, after all -- necessitates that each company can't pay these workers minimum wage because another company will poach all of their employees by offering them more. That's how you get the market rate for any given profession. It's not just pulled out of thin air. I know based on my business that I can afford to pay my editor $27.50/hour, but I'm nervous that freelance editors make a lot more money than that, so he recently got a 10% raise and will get another 10% raise shortly because I can't afford to lose him. I also know that I can't afford to pay an editor, say, $50/hour, because I can't charge my clients $100/hour or more for editing without the package pricing getting to a point where we start losing clients.

So a person with any degree of intelligence figures out, gee, if I want to make more money, I need to possess a skill that's worth money to companies and make myself valuable to these types of companies. They don't sit there complaining about CEOs making too much money when they have a high school degree and no real skills. If there are 50 million Americans with zero special skills and only the need for 35 million of them, clearly they all deserve minimum wage as even then there's a massive oversupply of unskilled labor. They're lucky even to be getting an artificially inflated minimum wage, when the actual market rate would be lower.
Reply With Quote Quick reply to this message
 
Old Yesterday, 04:05 AM
 
2,253 posts, read 1,395,217 times
Reputation: 4906
Apparently it means that motorcycles with loud exhaust pipes save lives because the other drivers can hear you’re coming. Neither side has any real data but the debate rages on. I need my bike loud to be safe! Your bike is too loud just because you want attention!

Reply With Quote Quick reply to this message
 
Old Yesterday, 06:19 AM
 
1,401 posts, read 306,456 times
Reputation: 1194
Quote:
Originally Posted by Thatsright19 View Post
Apparently it means that motorcycles with loud exhaust pipes save lives because the other drivers can hear you’re coming. Neither side has any real data but the debate rages on. I need my bike loud to be safe! Your bike is too loud just because you want attention!

Um, I think there is data.
Reply With Quote Quick reply to this message
 
Old Yesterday, 06:46 AM
 
2,253 posts, read 1,395,217 times
Reputation: 4906
Quote:
Originally Posted by Grlzrl View Post
Um, I think there is data.
I was explaining what the expression means.
Reply With Quote Quick reply to this message
 
Old Yesterday, 07:57 AM
 
12,445 posts, read 14,578,535 times
Reputation: 14160
Quote:
Originally Posted by Grlzrl View Post
Wages and salaries jump by 3.1%, highest level in a decade

https://www.cnbc.com/2018/10/31/wage...-a-decade.html

...Wages and salaries rose 0.9 percent, well ahead of expectations for 0.5 percent. Benefit costs were up 0.4 percent.

On a yearly basis, wages and salaries jumped 3.1 percent, the biggest increase in 10 years....
Too bad hydro rates jumped (where I live) 25%
Too bad insurance rates (where I live) jumped another 25%
Too bad food prices increased immensely.
Too bad property taxes increased by almost 100%

Wages rising 3.1 % doesn't even come near to what's needed to maintain a secure home.
Reply With Quote Quick reply to this message
 
Old Yesterday, 08:20 AM
 
4,765 posts, read 2,268,925 times
Reputation: 8864
Quote:
Originally Posted by purehuman View Post
Too bad hydro rates jumped (where I live) 25%
Too bad insurance rates (where I live) jumped another 25%
Too bad food prices increased immensely.
Too bad property taxes increased by almost 100%

Wages rising 3.1 % doesn't even come near to what's needed to maintain a secure home.
You're confusing personal rate of inflation with CPI, they are two different things. You're also confusing increases in certain line items with an overall inflation rate, people tend to focus on things that increased, ignoring the percentage of their overall household budget. People also tend to exaggerate.
Reply With Quote Quick reply to this message
 
Old Yesterday, 08:35 AM
 
10,723 posts, read 20,150,494 times
Reputation: 9868
I know my wage is now double what it was five years ago. I have talked to many business owners who have said similar things - they are raising wages to keep their more skilled employees. A sellers market in labor these days. Hope inflation stays in check and the growth happens in the central part of the country.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top