US Economy, part 2

[TSmith34, Inc.]

https://www.stlouisfed.org/on-the-economy/2024/apr/how-big-mac-index-relates-overall-consumer-inflation

Yeah, I have anecdotally noticed all fast food prices have skyrocketed far faster than general inflation

[rocky_warrior]

Yeah, I have anecdotally noticed all fast food prices have skyrocketed far faster than general inflation

Right, but other than the 2013 and 2016 big mac jumps (I know, you can't actually take those away), it's pretty even with CPI.  Perhaps a lagging inflation indicator though.

[4everwarriors]

Hellofa lot more to da Presidency dan weather da rich get richer and da pour get pourer, hey?

[Uncle Rico]

Hellofa lot more to da Presidency dan weather da rich get richer and da pour get pourer, hey?

If you can point to any presidency where the rich didn't get richer and the poor poorer, please direct me to that miracle

[jesmu84]

If you can point to any presidency where the rich didn't get richer and the poor poorer, please direct me to that miracle

FDR?

[jesmu84]

No, 12% real wage growth, i.e., net of inflation

Interesting.

There's been about 22% of cumulative inflation since 2019.

So does that mean low wage earners have seen their paychecks rise 34% over that same time?

[Skatastrophy]

Interesting.

There's been about 22% of cumulative inflation since 2019.

So does that mean low wage earners have seen their paychecks rise 34% over that same time?

Yes. That is all in the article, which is pretty detailed. Here's a break down hourly wages, explaining some of their terms:

> Between 2019 and 2023, hourly wage growth was strongest at the bottom of the wage distribution. The 10th-percentile real hourly wage grew 12.1% over the four-year period. To be clear, these are real (inflation-adjusted) wage changes. Overall inflation grew nearly 20%, or about 4.5% annually, between 2019 and 2023. Even with this historically fast inflation, particularly in the immediate aftermath of the pandemic recession, low-end wages grew substantially faster than price growth. Nominal wages (i.e., not inflation-adjusted) rose by roughly 34% cumulatively since 2019.

[rocky_warrior]

Yes. That is all in the article, which is pretty detailed. Here's a break down hourly wages, explaining some of their terms

Socialists will never be happy.  Thankfully we don't adopt their ways

[Not all scoop users are created equal apparently]

Yes. That is all in the article, which is pretty detailed. Here's a break down hourly wages, explaining some of their terms:

> Between 2019 and 2023, hourly wage growth was strongest at the bottom of the wage distribution. The 10th-percentile real hourly wage grew 12.1% over the four-year period. To be clear, these are real (inflation-adjusted) wage changes. Overall inflation grew nearly 20%, or about 4.5% annually, between 2019 and 2023. Even with this historically fast inflation, particularly in the immediate aftermath of the pandemic recession, low-end wages grew substantially faster than price growth. Nominal wages (i.e., not inflation-adjusted) rose by roughly 34% cumulatively since 2019.

A big chunk leaving the workforce/dying probably helped push this I imagine

[Skatastrophy]

A big chunk leaving the workforce/dying probably helped push this I imagine

I agree. Add to that, anyone that could remove themselves from an "essential worker" position did (or currently is shifting, burnout is real). From servers to nurses and teachers. It's a wild shift in the economy away from once desirable positions, beyond just minimum wage workers. I'm interested in seeing more studies in the coming years, and the rising wages soon to try to attract talent.

[Not all scoop users are created equal apparently]

I agree. Add to that, anyone that could remove themselves from an "essential worker" position did (or currently is shifting, burnout is real). From servers to nurses and teachers. It's a wild shift in the economy away from once desirable positions, beyond just minimum wage workers. I'm interested in seeing more studies in the coming years, and the rising wages soon to try to attract talent.

Hiring in finance has certainly been fascinating both local and nationally. That isn't even remotely close to what I would consider essential either. I can only imagine what it is like to be working in talent acquisition in healthcare right now.

[Skatastrophy]

Hiring in finance has certainly been fascinating both local and nationally. That isn't even remotely close to what I would consider essential either. I can only imagine what it is like to be working in talent acquisition in healthcare right now.

Finance is a weird one, in my limited experience, because of the extreme return to office policies at most of the major firms. My friends at Citi and JP moved into tech when the CEOs tried to pull that crap.

Remote-first companies have a distinct hiring advantage for individual contributors, but it introduces a hiring challenge for leadership because not all of them are capable of managing a distributed team.

I work at early stage companies, though, so I live in a bubble on some of this stuff.

[Not all scoop users are created equal apparently]

Finance is a weird one, in my limited experience, because of the extreme return to office policies at most of the major firms. My friends at Citi and JP moved into tech when the CEOs tried to pull that crap.

Remote-first companies have a distinct hiring advantage for individual contributors, but it introduces a hiring challenge for leadership because not all of them are capable of managing a distributed team.

I work at early stage companies, though, so I live in a bubble on some of this stuff.

We were hybrid 2-3 times a week earlier than most but have not changed that policy since others corrected back the other way and hemorrhaged employees as a result. Our last couple new people took positions with our company because of the flexibility it offers.

Back to office is a convenient way to do layoffs without paying severance though. Couple big firms here pretty obviously did it for that reason because they announced layoffs a few months after return to office

[Pakuni]

I've been told raising wages would spell doom for restaurants.

https://finance.yahoo.com/news/waffle-house-increasing-pay-u-154925379.html

[jesmu84]

I've been told raising wages would spell doom for restaurants.

https://finance.yahoo.com/news/waffle-house-increasing-pay-u-154925379.html

https://www.yahoo.com/news/fast-food-industry-claims-california-181056511.html

[Pakuni]

https://www.yahoo.com/news/fast-food-industry-claims-california-181056511.html

No way!

[Lennys Tap]

https://www.yahoo.com/news/fast-food-industry-claims-california-181056511.html

You might want to read the comments section to this article. Lots of interesting stuff.

[reinko]

You might want to read the comments section to this article. Lots of interesting stuff.

I mean, what could go wrong trusting a bunch of anonymous internet commentators on a message board.

[lawdog77]

You might want to read the comments section to this article. Lots of interesting stuff.

First rule of keeping one's sanity:Don't read, or at the least, don't believe comments under an internet article.

[jesmu84]

You might want to read the comments section to this article. Lots of interesting stuff.

Which comments did you find interesting?

[MU Fan in Connecticut]

First rule of keeping one's sanity:Don't read, or at the least, don't believe comments under an internet article.

I second this.

[rocket surgeon]

I mean, what could go wrong trusting a bunch of anonymous internet commentators on a message board.

I think what Lenny means is, ya don't have to believe everything you read, but it sort of gives you a pulse to what the sentiment may be. 

[The Sultan]

I think what Lenny means is, ya don't have to believe everything you read, but it sort of gives you a pulse to what the sentiment may be. 

I guess if you believe that anecdotes and feelings are more important than actual data.

[Lennys Tap]

I guess if you believe that anecdotes and feelings are more important than actual data.

Feel free to accept everything in the article as unvarnished fact. Or feel free to read comments that point out some of the article's inaccuracies. I read both the article and many of the comments. Found both interesting, but whatever floats your boat or fits your preferred notions.

[The Sultan]

Feel free to accept everything in the article as unvarnished fact. Or feel free to read comments that point out some of the article's inaccuracies. I read both the article and many of the comments. Found both interesting, but whatever floats your boat or fits your preferred notions.

You making this statement is the most ironic of ironies. You have shown no ability to separate actual facts from "your preferred notions."