Stock market is up, but wages ... not so much
The Kansas City Star
While the folks at the top tier of the economy are cheering the new heights of the stock market and the rebounding of home sales, most folks everywhere else are wondering what all the shouting is all about.
The U.S. average weekly wage in the third quarter last year was down 1.1 percent from the previous year, The Kansas City Star reports. The U.S. Bureau of Labor Statistics data showed that workers in Jackson and Clay counties in Missouri and Wyandotte and Johnson counties in Kansas also saw their average weekly wage drop from September 2011 to September 2012.
Blame it on layoffs and furloughs, which keep hitting workers and snatching what little extra cash they have.
Unemployment numbers are due out next week and will likely show that it remained stubbornly high for March. The heavy snowstorms didn’t help retail sales or the economy overall.
The diminishing financial orbit that the average worker is in is why consumer confidence was down for the second straight week, according to the Bloomberg Consumer Confort Index. The cheers for the housing market making a turnaround also haven’t taken hold where most of America’s people live and work.