Assorted content to end your weekend. – For much of the relatively recent past, one of the areas of relative consensus in economic theory is that productivity increases would find their way to workers. But Paul Krugman shows that hope to be utterly misplaced: Where did the productivity go? The
Continue readingTag: wages
The Progressive Economics Forum: Inflation Central
Statistics Canada reported today that consumer prices edged up by 0.1% in February on a seasonally-adjusted basis, bringing the annual inflation rate to 2.6% and the core inflation rate to 2.3%. These rates are within the Bank of Canada’s target range and should allow it to keep interest rates low,
Continue readingThe Progressive Economics Forum: Labour Force Exodus
Statistics Canada reported this morning that 38,000 people gave up looking for work in February. The official unemployment rate fell because these Canadians were no longer counted as being unemployed. However, this huge withdrawal from the labour force is a sign of weakness in the job market. Most of those
Continue readingThe Progressive Economics Forum: BC isn’t broke: putting teacher bargaining in perspective
Last Monday, BC teachers held a Day of Action in communities across the province to protest the BC government’s decision to legislate a contract and put an end to their collective bargaining process. I was invited to speak to teachers at the Surrey rally, where I had the opportunity to
Continue readingThe Progressive Economics Forum: Inflation and Drummond
Statistics Canada reported today that consumer prices jumped in January (by 0.4% or 0.5% seasonally-adjusted), offsetting the drop in December. As a result, the annual inflation rate is now 2.5% and the Bank of Canada’s core inflation rate is 2.1%. Monetary Policy Both measures are well within the central bank’s
Continue readingThe Progressive Economics Forum: In the Wake of the Crisis: Bully Capitalism
A shorter version of this article appears today at Economy Lab, the Globe and Mail’s on-line business feature. Capitalism has entered an ugly new era, one that may work well for the shareholders of world, but not for the rest of us. I couldn’t help but notice that, on the
Continue readingThe Progressive Economics Forum: Recalculating inflation: billions in savings for governments and employers paid for by workers and pensioners
The top story in the Globe and Mail today reports on something I warned about a year ago: Statistics Canada is making changes to the way it calculates the Consumer Price Index. At that time I suspected changes to calculations of the CPI would be introduced as part of the renewal
Continue readingThe Progressive Economics Forum: Budget Cuts Could Worsen Rising Unemployment
It was not a happy new year for Canadian job seekers. Statistics Canada reported today that unemployment rose for a fourth consecutive month in January. Overall employment remained flat as Canada’s population and labour force grew at a normal pace, leaving more workers without jobs. The good news in today’s
Continue readingPolitics and Entertainment: Five Lumps of Coal for Canada’s Economy
The recent IMF Report on Canada prompts me to remind everyone of some startling figures about the Canadian economy: 1) The private and federal debt combined ratio to GDP is an astonishing 203%. 2) The jobless rate in November is 7.4%, the worst in 5 months. 3) Youth unemployment is
Continue readingThe Progressive Economics Forum: Economic Climate and Inequality
The December issue of the quarterly Economic Climate for Bargaining publication I produce is now on-line. This issue has a number of pieces on issues of inequality, including: Rising inequality is hurting our economy Labour rights, unions and the 99% Canadian economy bleeding jobs; public sector cuts to intensify Recession
Continue readingThe Progressive Economics Forum: Modest Inflation Outstrips Wages and Canada Social Transfer
Statistics Canada reported today that the annual inflation rate remained 2.9% and the Bank of Canada’s core rate remained 2.1% in November. The monthly increase in consumer prices slowed to 0.1% in November from 0.3% in October. The monthly increase in core prices slowed to 0.1% in November from 0.2%
Continue readingCanadian Progressive World: New study dispels myths about public sector pay
OTTAWA – December 14, 2011: There is no evidence the average pay of public sector workers in Canada is consistently higher than comparable occupations in the private sector, reports a new study released today by the …Read More
Continue readingThe Progressive Economics Forum: Battle of the Wages study dispels myths about public sector wages
A comprehensive study released today by CUPE shows there’s no evidence public sector workers are paid consistently more than those in similar jobs in the private sector. Instead, overall average pay in the public sector is remarkably similar when compared against similar jobs in the private sector: only 0.5 per
Continue readingExcited Delirium: Economics, Media and Mass Manipulation
Change is inevitable when the cards are stacked against so many people.
Continue readingThe Progressive Economics Forum: Towards a Wage-Led Recovery
A new issue of the International Journal of Labour Research has been published “While a lot of attention has been deservedly given to the financial roots of the current economic crisis, the role of wages as a cause to the crisis as well as a solution to the current economic
Continue readingThe Progressive Economics Forum: Danger: Wage Deflation Ahead
The labour market is in much worse shape than the official 7.3% unemployment rate implies. The latest evidence for this proposition is today’s miserable report on employment and earnings from Statistics Canada. Further to Andrew Jackson’s post on today’s release, most media coverage of this report focuses on year-over-year measures
Continue readingThe Progressive Economics Forum: Update on Falling Real Wages
I’ve blogged on this before, and continue to be surprised by the lack of attention paid to the significant ongoing decline of real wages. Falling wages are a key indicator of a very soft job market, and have the potential to undermine still quite strong household spending. Today’s Statscan release
Continue readingAccidental Deliberations: Wednesday Morning Links
Miscellaneous material for your mid-week reading.- I’d think it’s long past the time where any informed observer could cling to hope that the Harper Cons see good government as a goal worth pursuing. But Dan Gardner points out the role that Parliament …
Continue readingThe Progressive Economics Forum: Recovery Demands Increase in Labour’s Share
The just-released 2011 ILO World of Work Report is a must read for progressive economists. Released on the eve of the G-20 meetings, the report underlines the gravity of the current global employment situation and warns of the need to put job creation first if we are to avoid a very extended period of high […]
Continue readingThe Progressive Economics Forum: Why occupy? It’s the inequality.
The Occupy Wall Street protests hinge on injustice, in particular a malaise with the current economic system that has brought us a tremendous inequality and the rise of the super-rich, or top 1%. But surely that is just the US? Alas, no. The figure below shows the change in BC labour income (wages and salaries) and […]
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