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Thursday, 17 April 2014

Earnings Outpace Inflation? Government statistics through the looking glass

http://news.sky.com/story/1243530/official-average-earnings-outpace-inflation

Official: Average Earnings Outpace Inflation




Wages higher than inflation




"Jobless numbers continue to fall as total pay exceeds inflation"
There are probably some people who actually believe this nonsense.
Unemployment is "down" thanks to zero hours contracts, temporary "placements" where the government pay the employer to take on an unemployed person for a fixed period of time and the use of "work for benefits" type labour.
Earnings are "outpacing" inflation due solely to a fall in energy prices on the RPI (food prices continue to roar ahead) and the inclusion of "bonus payments" in the wages and salaries figure. How many ordinary people actually receive bonus payments?
You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.