On the other hand the Herald (www.rutlandherald.com) could be well-served by having someone handy who understands economics. The lead story in the business section headlines that there are signs suggesting that the US economy is "shaping up." Among other important reasons proferred for this is that 157,000 jobs were created in May. In the next sentence we are told that the unemployment rate did not change. Do the math. Sounds like a different group of about 157,000 lost their jobs.
The story then passes along some information from the Labor Department that over the last 12 months wages have increased by 3.8% In the next sentence we learn that wage gains still trailed inflation..."causing workers to take and effective pay cut."
Next we learn that the average hourly wage increased 6 cents in May to $17.30. The next sentence reveals that it was actually $17.44 back in February. In fact we are told that at the beginning of "the current economic expansion" in late 2001 (coinciding with the rapid military build-up and war following 9/11) average hourly wages were $17.24. Five and a half years of an "expanding" economy has raised wages 6 cents. Throw in 18% cumulative inflation over that period and real wages have declined considerably. Where then are the proceeds from this expanding economy?
The story goes on to note that tho "personal income" was down .01% (hourly wages are apparently only a part of personal income) consumer spending was up. That sounds like people are carrying a lot more debt.
So this is what a "shaping up" economy looks like. No net gain in jobs, higher profits, lower real wages, more spending and greater debt.