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Thursday, September 2, 2021

Bidenflation: Lower Productivity, Lower Real Compensation

                                                           
The Bureau of Labor Statistics on Thursday released its second estimate of labor costs and productivity. It was a pretty miserable set of data.
 
  
Breitbart Business Digest
September 02, 2021
 

Today's Top Stories From the Breitbart News Desk

The Bureau of Labor Statistics on Thursday released its second estimate of labor costs and productivity. It was a pretty miserable set of data. Nonfarm labor productivity was revised down from a 2.3 percent annualized rate of growth to 2.1 percent. That's a pretty steep fall off from the 4.3 percent growth in the first quarter of the year.

The story of labor productivity through the pandemic has been one of the few things that has followed the usual pattern: mass layoffs increase productivity as the most productive workers are typically the last to hang onto their jobs, and often the least productive sectors are the quickest to lay off workers. That was especially so this time around when the pandemic lockdowns forced the closings of many leisure and hospitality businesses that count as low productive activities in government statistics.

Labor costs were up, with hourly compensation being revised up to a 3.4 percent growth rate from a 3.3 percent initial estimate. That sounds like good news for workers until you glance over at the column called "real hourly compensation." There we learn that after adjusting for inflation, real hourly compensation fell at a 4.6 percent rate, much worse than the 2.6 percent initially estimated.

Is it any wonder that consumer confidence has fallen so quickly in Biden's Bummer Summer? People are catching on to the idea that they are falling behind even though there is a labor shortage.

Friday brings the ultimate labor market measure: the monthly nonfarm payrolls report. The ADP private payrolls estimate used to be a somewhat reliable guide to the labor market. But it's proven to be way off the mark throughout the pandemic. Not that we blame ADP. This has been a year and half of missed economic estimates and financial models gone awry. As it turns out, the tools that enable accurate prediction during normal times do not work so well in a pandemic.

Alex Marlow & John Carney
Breitbart News Network

 
 

TOP STORY

 
Productivity Growth Revised Down as Bidenflation Devoured Compensation Gains
The productivity of U.S. workers improved by less than initially thought in the second quarter and real hourly compensation fell by more than reported earlier, the Labor Department said on Thursday. Nonfarm productivity grew at a 2.1 percent annualized rate in the three months from April to June. It was previously reported to have increased at a 2.3 percent rate. The downward revision was a surprise. Analysts polled by Econoday had expected an upward revision to a 2.4 percent rate. Compared to the second quarter of 2020, productivity increased at a 1.8 percent rate. [Click here for more]
 

IN OTHER STORIES...

Jobless Claims Dip to 340,000
The number of Americans filing new claims for unemployment benefits dipped to 340,00 in the week ended August 28, the Department of Labor reported Thursday. Economists had forecast 350,000 new claims. The prior week's claims were revised up by... [Click here for more]
 
Texas Bill Aimed at Big Tech Censorship Likely to Pass
After being halted by Democrat lawmakers' boycott of the state legislature earlier this year, a bill aimed at reining in Big Tech censorship introduced by Republican lawmakers in Texas looks set to pass. The bill declares that "social media platforms function as common carriers, are affected with a public interest, are central public forums for public debate, and have enjoyed governmental support in the United States," and that "social media platforms with the largest number of users are common carriers by virtue of... [Click here for more]
 
Sen. Joe Manchin Urges Democrats to 'Pause' the $3.5 Trillion Spending Bill
President Joe Biden's $3.5 trillion spending bill has a tough road ahead now that moderate Sen. Joe Manchin (D-WV) has publicly called on his colleagues to put a "strategic pause" on the pricey bill before they plunge America further into record debt. In an op-ed for the Wall Street Journal on Thursday, Manchin argued that the "overheating economy" just cannot endure another round of trillion-dollar spending without a... [Click here for more]
 
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Daily Post from Apologetics315 for 09/02/2021

Podcast: Answering Objections to Apologetics

By Dante Stack on Sep 02, 2021 07:00 am
Daily PodcastTheology and Apologetics Podcast: An in-depth discussion about apologetics. By first clearly defining what apologetics is and why we need it. This study then answers the following objections:1.) You can’t argue anyone into the kingdom2.) The Bible doesn’t need to be defended – it is like a lion3.) Paul dismisses apologetics in his letter to the Corinthians4.) The natural man cannot understand the things of God so why bother5.) Jesus and the Apostles do not use apologetics
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Debate: Is Evil Evidence Against God? (Sweis Vs. Green)

By Dante Stack on Sep 01, 2021 07:00 pm
Daily DebateAdherent Apologetics: In this semi-formal debate, Christian Khaldoun Aziz Sweis debates atheist Emerson Green. They discuss the Problem of Evil and it’s relation to God’s existence.
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Article: Evolving Conclusions on Adam and Eve

By Dante Stack on Sep 01, 2021 04:00 pm
Daily ArticleWhatever our personal beliefs, a historical roadblock between many Christians and mainstream science is now gone. S. Joshua Swamidass https://peacefulscience.org/articles/biologos-evolving-position/
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Video: Genius Inventor Discovers His Messiah!

By Dante Stack on Sep 01, 2021 12:00 pm
Vid of the DayChosen People Ministries: During his college years, James realized that his sin was separating him from God, so he decided to accept the sacrifice Jesus made for him. Today he is an accomplished scientist, but he gives all the credit to his Messiah!
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Evolution Acceptance: “Solidly Above the Halfway Mark”

Ken Ham Daily

 
Ken Ham

G'day Webmaster220 Bible,

A new study has found that acceptance of evolution—specifically the affirmation of this statement: "human beings, as we know them today, developed from earlier species of animals"—is now "solidly above the halfway mark" at 54% of Americans. Is this surprising?

Read the blog

Here’s the Answers with Ken Ham radio program for today: Segregated church services? Yes . . . that seems crazy, but it's real. Last year, Rick Warren, a pastor and the author of The Purpose Driven Life, hosted an online church …

Listen to today's radio broadcast

Sincerely,
Ken Ham

P.S. I encourage you to have a look at One Race, One Blood DVD Curriculum from our online store.

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