The U.S. economy continues to languish.
The U.S. Census Bureau has announced that “advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $442.0 billion, a decrease of 0.3 percent.”
Concern over the worrisome retail numbers is matched by poor news from the manufacturing portion of the economy. According to the Federal Reserve “Industrial production decreased 0.2 percent in May after falling 0.5 percent in April. …Manufacturing output decreased 0.2 percent in May and was little changed, on net, from its level in January. In May, the index for mining moved down 0.3 percent after declining more than 1 percent per month, on average, in the previous four months. The slower rate of decrease for mining output last month was due in part to a reduced pace of decline in the index for oil and gas well drilling and servicing…”
The troubled indicators are reflected in continued wage and employment challenges. According to the Bureau of Labor Statistics, the more accurate “U-6” unemployment number is 10.5%, but critics from across the political spectrum note that the number may not reflect the true extent of the unemployment crisis. Republicans claim that significant numbers of the un- and under-employed remain unaccounted. Socialist presidential candidate Bernie Sanders has stated that the true unemployment number for one segment of the population, unemployment African-American youth, is 51%.
Even those employed have little to cheer about. The Federal Reserve reports that, over the long term, wages have failed to keep up with the economy.
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The Pew Research Center notes that the purchasing power of wages has not progressed for decades. “For most U.S. workers, real wages — that is, after inflation is taken into account — have been flat or even falling for decades, regardless of whether the economy has been adding or subtracting jobs. Cash money isn’t the only way workers are compensated, of course — health insurance, retirement-account contributions, education and transit subsidies and other benefits all can be part of the package. But wages and salaries are the biggest (about 70%, according to the Bureau of Labor Statistics) and most visible component of employee compensation.”
One organization has increased its’ income during this era of economic challenges—the federal government. According to the monthly treasury statement Indications continue that the U.S. economy continues to languish. According to the CNS analysis of the Monthly Treasury Statement,
“The federal government raked in a record of approximately $2,446,920,000,000 in tax revenues through the first nine months of fiscal 2015 (Oct. 1, 2014 through the end of June), That equaled approximately $16,451 for every person in the country who had either a full-time or part-time job in June…
Despite the record tax revenues the government ran up a deficit of $313,381,000,000 during the period.”