Labor Union Blog

If You’re Not a Big Bank, Don’t Expect Bush to Help

29th February 2008

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With so much bad economic news piling up, it's hard not to list a few of the more recent indicators that the U.S. economy is in trouble. Just in recent days, we've learned the following.

• Paychecks have been shrinking for 80 percent of the U.S. workforce since October. Wage earners aren't seeing just skimpier raises and higher prices. Real weekly earnings are falling faster than hourly earnings because the length of the work week is being cut as the job market weakens.

• 1.4 million people have exhausted their 26 weeks of unemployment compensation, but are still actively trying to find work. As Elizabeth Schulte says at Counterpunch: That's the population of San Francisco—times two.

This entry was posted on Friday, February 29th, 2008 at 4:16 pm and is filed under Labor News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.