Workers made less per week in June than anytime over the past 18 months, when adjusted for inflation (inflation metric does not reflect $100 oil, and 30% hike in basic food prices).
"It's a symptom of how weak hiring is," said Heidi Shierholz, an economist with the Economic Policy Institute, a left-leaning research group. "Employers know they don't have to pay substantial wage increases to keep workers.".
The reports also says corporate revenues are dropping, due in part to high oil prices, due in part to Obama's weak dollar policy that makes the 40% of oil we buy from others more expensive.
According to the June jobs report, the economy gained just 18,000 jobs last month, far weaker than expected. The unemployment rate rose to 9.2%. The report also includes a "revision" for the jobs numbers from April-May, down 44,000.
Housing has already entered a full depression level - more equity has been lost since 2008 than was lost during the worst years of the Great Depression.
Obama quickly took the bully-pulpit as the June report emerged. The details will make you angry, are you angry? He continues to blame others, continues to offer a "rolled up sleeves" effort, continues to produce results even worse than the Carter and FDR fiasco's.
Obama even had the gall to suggest that his goal now is to drive the jobless rate to 8.2% - is that supposed to be good news? Or just another joke from this guy? The Whitehouse went even further trying to float the idea that the jobless rate will not be a factor in the coming 2012 election. What are they smoking up there? Never-mind.
Fun historical note, of the ten presidents that ran for reelection from 1946 to present, just one got the job again with a jobless rate of 6% or higher, Ronald Reagan with a 7.2%. The voters were rewarded reelecting Reagan by getting 21 million jobs, and a cold war win.
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