Compensation costs for civilian workers increased 0.4 percent, seasonally adjusted, for the 3-month period ending June 2009, the U.S. Bureau of Labor Statistics reported today. Wages and salaries--which make up about 70 percent of compensation--also increased 0.4 percent for the 3-month period ending June 2009. Benefit costs--which make up the remaining 30 percent of compensation--increased 0.3 percent.The bad news is that this is the lowest increase since they started tracking this "series," back in 1980.
The good news is that it is in positive territory. As Bob Hatem said on "City Life" (Local Lowell Access TV), this recession is still a problem for the working person. Further, he said that the Stimulus hadnn't worked. That is one of the unresolved issues of the day. Was Professor John Maynard Keynes correct the Government should spend the nation out of a slump. Or was he wrong?
Perhaps the medical rule should apply, "First, do no harm." Which is NOT an excuse to do nothing. Extending unemployment benefits is one thing that should always be high on the list.
UPDATE: I typed "City Lights," when I should have typed "City Life," as George Anthes, the show's host, kindly pointed out to me. I have since corrected this error.
Regards — Cliff